A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from ENERGY to build battery cell factories for electric vehicles in three states.
July 27, 2022
The Energy Department said it has made a conditional commitment to lend the money to Ultium Cells LLC, a joint venture of GM and LG. The loan could help Ultium finance three lithium-ion battery plants planned in Michigan, Ohio and Tennessee, bolstering the Joe Biden administration’s efforts to promote electric vehicles and reduce dependence on China for critical components.
The plants are expected to create up to 6,000 construction jobs and 5,100 operations jobs when completed. Ultium Cells is weeks away from opening its first EV battery plant in Lordstown, Ohio, which it says will help it meet strong demand for electric vehicles.The loan would be the first exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing program, which provides loans to support U.S.
Ultium Cells has allotted about $2 billion for construction of each plant, but a GM spokesman said commitments GM and LG have made to fund the joint venture don’t preclude them from pursuing a loan under a program designed to advance clean energy technology.
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