U.S. President Barack Obama has attended a groundbreaking ceremony for the new LG Chem lithium car-battery plant in the state of Michigan.

Obama said Thursday that the fact that Compact Power, which is a subsidiary of LG Chem, is breaking ground in Holland, Michigan, signifies more than just the building of a new factory, but that it’s about building a better future for the U.S.

Obama said the plant will put thousands of people to work, lay the foundation for small businesses to expand and will thus contribute to advancing the U.S. economy.

Obama’s presence in Thursday’s ceremony is part of his administration’s push to put an increased emphasis on clean technologies, such as the lithium car-battery industry.

LG Chem has invested more than 300 million dollars in the construction of the lithium-ion battery factory. The plant is set to be completed in 2013.