A Michigan economic development board approved more than $400 million in state incentives Wednesday for two battery factories estimated to cost $4 billion and bring 4,500 jobs to the state.

Pending approval by state lawmakers, the incentive packages would draw from a fund created less than a year ago to help the automotive state land major business expansions in the wake of news that Dearborn-based Ford Motor Co. would begin building electric vehicle battery plants in other states…

A Michigan energy-storage company, Our Next Energy, would be allocated $236 million in the agreement for an up to $1.6 billion project in Van Buren Township outside of Detroit. An allocation of $175 million in incentives will go to a $2.4 billion factory planned by Chinese manufacturer Gotion for Big Rapids in northern Michigan. The factories would produce components used for electric vehicle batteries.