GM and LG received $2.5 billion in federal loans to boost production of electric car batteries. | Jobs Vox

Diving button:

  • A joint venture between General Motors and LG Energy has secured a $2.5 billion loan from the Department of Energy to build electric vehicle battery plants in Ohio, Tennessee and Michigan. December 12 press release.
  • loans granted Ultium Cells This is the first project awarded exclusively to a battery cell manufacturing project under the Advanced Technology Vehicle Manufacturing Program through the Department’s Office of Loan Programs.
  • The opening of Ultium’s three facilities will create more than 11,000 jobs – 6,000 in construction and 5,100 in operations. Plants are currently under construction in Tennessee and Michigan, while the Ohio site began production in August.

Diving concepts:

The White House announced in October The Ministry of Energy will award $2.8 billion in grants to manufacturing and processing companies for projects in 12 states.

The first round of grants was awarded to 20 companies, including Tesla and Mercedes-Benz. Recipients received more than $480 million in grants from the $50 million funded by the bipartisan infrastructure act.

of Ultium funding is available through the department Advanced Technology Vehicle Manufacturing Loan Program, al Supports the production of light-duty vehicles and qualified parts and materials in the United States. The program has closed $8 billion in loans to companies including Tesla, Ford, Nissan and Syrah. Vidalia.

Under the Inflation Act, the program will receive another $3 billion in direct lending through September 2028, according to a Dec. 12 news release.

“This loan [to Ultium] “We will start the domestic battery cell production needed to reduce our dependence on other countries to meet growing demand, and will support President Biden’s goal of expanding the adoption of electric vehicles and reducing the carbon footprint of gas-powered vehicles,” said US Secretary of Energy Jennifer M. Granholm. . said in the press.

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