Caren Bohan writing for Reuters reported that U.S. Vice President Joe Biden plans on Tuesday to visit a closed General Motors plant in Wilmington, Delaware, where he is expected to announce that it will be reopened for the building of plug-in hybrid electric cars.

The California-based venture capital firm Fisker Automotive Inc has reached a deal to buy the former GM assembly plant and plans to use it for the manufacture of the cars, according to a source familiar with the details of Biden’s visit.

Henrik Fisker, chief executive and founder of the firm, is scheduled to attend Tuesday’s event, said the person who asked not to be identified in advance of the formal announcement.

A White House statement on Biden’s visit said he planned a major announcement about the assembly plant’s future but gave no other details. Delaware is Biden’s home state.

The announcement is planned for 10 a.m. EDT (1400 GMT) on Tuesday.