The U.S. Energy Department said it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors and LG Energy Solution to help pay for three new lithium-ion battery cell manufacturing facilities
first reported in July
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. GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant. They are building a $2.6 billion plant in Michigan, set to open in 2024. This month, Ultium said it would boost its investment in a $2.3 billion Tennessee plant by another $275 million.
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