US finalizes $2.5 billion loan to GM, LG battery joint venture

The US 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.

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 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.

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. The $430 billion Inflation Reduction Act approved in August included another $3 billion for ATVM loan costs and expanded uses to larger vehicles, maritime vessels, aviation, and other transportation modes.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GM joint venture gets $2.5 billion loan to build battery plants in Ohio, Tennessee and MichiganA 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.
Source: chicagotribune - 🏆 8. / 91 Read more »

No. 3 Ohio State escapes Michigan State to win 74-68The Buckeyes led for all but 49 seconds of Sunday's game against Michigan State, but the Spartans kept things close until the game's final minute.
Source: DispatchAlerts - 🏆 72. / 68 Read more »

PHOTOS: Ohio State women's basketball vs. Michigan StateThe Ohio State Buckeyes women's basketball team takes on the Michigan State Spartans on Sunday afternoon at Value City Arena.
Source: DispatchAlerts - 🏆 72. / 68 Read more »

'I never put my head down': How Ohio State quarterback CJ Stroud handled loss to MichiganAfter Ohio State suffered another crushing loss to Michigan, quarterback C.J. Stroud shifted his attention toward preparing for playoff possibilities. 🎻 If you're going to beat the Dawgs you have to RUN THE BALL .
Source: DispatchAlerts - 🏆 72. / 68 Read more »

Historic US treasurer's memorabilia on display in OhioWhen Mary Ellen Withrow first ran for public office, she was not allowed to have a credit card in her name
Source: WOKVNews - 🏆 247. / 63 Read more »

Jaguars report card: Nearly perfect performance leads to 3 As, one BREPORT CARD | The verdict is an All-Around Awesome game for the Jaguars after their first road win over the Titans since Trevor Lawrence was in middle school. Check out the grades here.
Source: Florida Times-Union - 🏆 600. / 51 Read more »