Weekly Newsletter

01 September 2023

Weekly Newsletter

01 September 2023

Plastic Omnium announces $170m hydrogen storage plant in Michigan

France's Plastic Omnium will open a hydrogen storage manufacturing plant in Grand Blanc Township, Michigan, worth $171.2m.

Richard Gardham August 30 2023

Plastic Omnium, a France-based automotive supplier specialising in the manufacturing and commercialisation of plastics, has announced plans to build a hydrogen storage manufacturing plant in Grand Blanc Township, in the US state of Michigan. The company will invest $171.2m and create 175 jobs through the project, with the support of a $5n Michigan Business Development Program performance-based grant for the developments in two locations in the state.

The Michigan state has also approved a 15-year 'state essential services assessment exemption' valued at $2.38m, and Grand Blanc Township anticipates approval of a property tax abatement in support of the project. The company selected Michigan because of its relationships with existing Tier 1 suppliers, proximity to its other Michigan operations, and strong community support during the site selection process. Its other Michigan operations are based in Adrian, Huron and Detroit.

Upon announcing the project, Laurent Favre, CEO of Plastic Omnium, said: “We are excited to launch the construction of our first hydrogen mega-plant in the US, in Michigan, the heart of the automotive industry. This investment follows Plastic Omnium's record $2bn order from a major US automaker earlier this year, which confirms our leadership as a key technology partner for US sustainable mobility players.”

Generative AI expected to drive significant disruption across the financial services industry

Per latest GlobalData estimates, the AI market was valued at $81 billion in 2022, and is expected to achieve a CAGR of more than 35% between 2022 and 2030. Gen AI is being experimented with by many leading incumbent banks, new entrants and technology vendors but concerns around data privacy and hallucinations drive caution. More human-like chat bots, and synthetic data for fraud and cyber resilience, are leading possible use cases. However, currently Gen AI is virtually non-existent in terms of “live” customer facing propositions.

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