Ford, JPMorganChase and Michigan Launch Michigan LIFT to Scale Manufacturing

Business Wire··US·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Ford Motor Company, JPMorganChase, the State of Michigan, Michigan Central and Newlab have launched Michigan LIFT, a public-private initiative to help innovative suppliers win business from leading manufacturers and access the financing and state support they need to expand production in Michigan. Over the next decade, Ford, as anchor industrial buyer, aspires to award up to $1 billion in contracts to participating suppliers, while JPMorganChase, as founding capital provider, aspires to provide up to $1 billion in financing to suppliers on the platform as part of its $1.5 trillion, 10-year Security and Resiliency Initiative. Michigan Central, Newlab and the Michigan Economic Development Corporation aspire to attract 10 to 20 additional industrial buyers representing more than $1 billion in annual demand commitments by the end of 2036, with Newlab aspiring to contribute $20 million of in-kind support. The platform translates manufacturing and supply-chain challenges identified by industrial buyers into Open Calls for innovative suppliers, initially focused on robotics and advanced manufacturing automation, advanced energy including nuclear, semiconductors and battery storage, advanced mobility, aerospace, propulsion and critical components, critical minerals mining, processing and recovery, and life sciences manufacturing. Alongside the launch, Ford Philanthropy and JPMorganChase announced $550,000 in collective support for Focus: HOPE, a Detroit-based nonprofit providing education and job training.

Impact on assets 2

Electrification & Mobility▲ · 1 stocks
Ford Motor Company
F
▲ PositiveDemandrelevance

Ford, as anchor industrial buyer, aspires to award up to $1 billion in contracts to participating suppliers, expanding its manufacturing supply base.

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
▲ PositiveCapitalrelevance

JPMorganChase, as founding capital provider, aspires to provide up to $1 billion in financing to suppliers as part of its $1.5 trillion Security and Resiliency Initiative.

Off-coverage companies 2

Michigan CentralPrivate▲ Positive
Demandrelevance

Michigan Central is a launch partner aiming to help attract 10 to 20 additional industrial buyers representing over $1 billion in annual demand commitments.

NewlabPrivate▲ Positive
Capitalrelevance

Newlab is a launch partner aspiring to contribute $20 million of in-kind support to the Michigan LIFT platform.

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