The loan will help finance construction of new lithium-ion manufacturing facilities in Ohio, Tennessee and Michigan electric
The US Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities.
U.S. Energy Secretary Jennifer Granholm plans to tout the closing of the Ultium loan on a visit to Michigan on Monday with Labor Department Deputy Secretary Julie Su, Michigan Governor Gretchen Whitmer, United Auto Workers President Ray Curry and other officials, automakers and EV battery companies. They will discuss strategies to recruit and retain a diverse and skilled battery workforce, and the Biden administration’s Battery Workforce Initiative.
GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant. They are building a $2.6 billion plant in Michigan, set to open in 2024. This month, Ultium said it would boost its investment in a $2.3 billion Tennessee plant by another $275 million. The $430 billion Inflation Reduction Act approved in August included another $3 billion for ATVM loan costs and expanded uses to larger vehicles, maritime vessels, aviation, and other transportation modes.
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GM joint venture gets $2.5 billion loan to build battery plants in Ohio, Tennessee and MichiganA joint venture between General Motors and South Korean battery company LG Energy Solution has closed on a $2.5 billion federal loan to help finance three lithium-ion battery cell plants in Ohio, Tennessee, and Michigan.
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