The U.S. Department of Energy (DOE) announced on Monday the closing of a $2.5 billion loan to Ultium Cells LLC, a joint venture between General Motors and South Korea’s LG Energy Solution, aimed at financing the construction of three new lithium-ion battery cell factories.
In a statement, the DOE said the loan will reinforce the “Biden-Harris Administration’s commitment to strengthening American manufacturing and our domestic supply chains.”
The three new factories will be built in Ohio, Tennessee, and Michigan, according to officials, and will produce lithium-ion battery cells for electric vehicles (EVs) amid the Biden administration’s effort to push for more Americans to drive EVs….