US Finalizes $2.5 Billion Loan to GM, LG Battery Joint Venture
WASHINGTON—The U.S. 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.
Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program.
The loan will help finance construction of new lithium-ion manufacturing facilities in Ohio, Tennessee, and Michigan, supporting 6,000 construction jobs and 5,100 operations jobs at the three plants.
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 (UAW) 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….