Gov. Andy Beshear on September 01, 2026, marked another wave of promising momentum for the EV manufacturing industry of the state as Astemo Americas, a subsidiary of Astemo and a global automotive technology leader, announced an over $112m expansion at Madison County facility.
It is well to be noted that this $112m expansion at Madison County facility is part of the first phase of the expansion project by the company at its Madison County operations. When complete, the estimated scope of the project is going to total $379 million of investment. Together, the projects would be the largest private-sector investment that has taken place in Madison County over the last 20 years.
Governor Beshear says, “Kentucky continues to lead the way when it comes to advanced manufacturing and EV operations, and this project represents another great company choosing to reinvest in the commonwealth.”
Astemo Americas has two manufacturing facilities in Berea. The project would add almost 300,000 square feet of space to the operations at both Berea plants and would include facility improvements and new equipment that would boost production capacity and the total output of the company’s Madison County operation.
Tim Clark, president and CEO of Astemo Americas, opines that “For over four decades, Kentucky has been a cornerstone of our U.S. operations, beginning with the establishment of our first plant in Harrodsburg in 1985. Since then, we have expanded to three plants, making the state a core driver of our North American operations. We remain committed to the communities and teams that drive our success. We are grateful to the Kentucky Economic Development Finance Authority for its continued support as we expand our operations in Berea to provide our U.S. customers with cutting-edge EV motors.”
It is worth noting that Astemo Americas Inc. is a division of global automotive supplier leader Astemo Ltd.
Astemo Americas manufactures as well as supplies engine management, electric powertrain, and incorporated vehicle controls to leading automotive manufacturers across the globe. The company is a supplier to some of the largest automobile manufacturers in the world, operating 23 manufacturing sites, which include 12 operations in the U.S. and 3 locations in Kentucky.
Bruce Fraley, Berea Mayor, noted the massive effect this project is going to have on the community. “This $112 million manufacturing expansion represents a transformational investment in our city’s future, validating our pro-growth strategy and cementing our local workforce’s reputation for excellence. This project will strengthen our manufacturing footprint while broadening our local tax base for public services and signaling our economic confidence to outside investors and supply chains.”
The fact is that Astemo Americas’ investment continues the best six years of economic growth when it comes to the state’s history.
In total, since Gov. Beshear took office, he has made public over 1,300 new-location and expansion projects within the private sector, which make up more than $50.7 billion in announced investments. This is the biggest amount of investment brought in under the tenure of any governor within the history of the commonwealth and is $29 billion over the next highest total.
Interestingly, Gov. Beshear has announced some of the largest economic development projects when one considers the state history, cementing Kentucky as the battery capital of the US. Some of these projects include the likes of $2 billion AESC, 2,000-job gigafactory project located in the Warren County, then Ford Motor Co.’s $2 billion, 2,200-job commitment when it comes to Louisville, along with its $2 billion, 2,100-job project at the Kentucky 1 plant in Hardin County, $712 million investment by Shelbyville Battery Manufacturing, creating 1,572 jobs in Shelby County and also Toyota’s $1.3 billion investment in Scott County, in addition to others.
The governor went on to announce that Kentucky set an all-time record for products shipped internationally with 51.6 billion in exports in 2025, which is a 7.65% increase from 2024.
In addition, the leading credit rating agencies, such as those of Fitch Ratings, S&P Global Ratings, and Moody’s Investors Service, have upgraded Kentucky’s credit rating.
Site Selection magazine went on to rank Kentucky in the top 5 nationally and second in the South Central region in terms of economic development projects per capita in its 2025 Governor’s Cup rankings earlier in 2026. The Commonwealth was named a Silver Shovel in Area Development magazine’s 2025 Shovel Awards, which recognizes states that draw in high-value investment projects, that result in a substantial number of new jobs in their communities.
Gov. Beshear also unveiled a new initiative, New Kentucky Home, to boost economic investment, secure and lure talent, and grow tourism throughout the state.
In April 2026, the Kentucky Economic Development Finance Authority – KEDFA gave the company preliminary approval when it comes to incentive agreements under the Kentucky Business Investment – KBI program and the Kentucky Enterprise Initiative Act – KEIA in order to foster regular investments in the community.