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Energy Dept. backs $2.5B loan to GM venture for EV batteries
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FILE - A sign at a General Motors facility, Oct. 16, 2019, in Langhorne, Pa. 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. T - photo by AP Photo/Matt Rourke, File
WASHINGTON (AP) — 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.