A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a US$2.5 billion loan from the Energy Department to build battery cell factories for electric vehicles in three states.
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 Biden administration's efforts to promote electric vehicles and reduce dependence on China for critical components.
The joint venture also plans to build battery plants in Lansing, Michigan, and Spring Hill, Tennessee. GM plans to announce the site of a fourth plant this year, CEO Mary Barra said Tuesday. Jigar Shah, director of Energy's Loan Programs Office, said Tuesday the loan would "help build a domestic supply chain to meet the growing demand for electric vehicles" and "create thousands of good-paying jobs across three states while enabling improvements in existing lithium-ion battery technologies."
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