A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $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.
