GM joint venture gets $2.5B loan to build battery plants

By AP News

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A 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

Ultium Cells Loan

NEW YORK (AP) — A 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.

The Department of Energy awarded the loan to the venture, called Ultium Cells, for the plants, which are expected to create about 11,000 jobs. The loan is part of a government program designed to address the growing need for batteries for electric vehicles.

The loan was first announced in July.

The Biden administration has been working to strengthen U.S. energy independence and reduce dependence on China for critical components. Ultium Cells will supply GM as it works to convert its light-duty fleet to all-electric by 2035.

The plants are planned for Lansing, Michigan and Spring Hill, Tennessee. A plant near Warren, Ohio, began battery cell production in August.

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Author: AP News

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Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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