Huge news for American advanced transportation manufacturing, domestic supply chains, and U.S. leadership in electric vehicles manufacturing! The U.S. Department of Energy (DOE) today announced it has closed a $2.5 billion loan to Ultium Cells LLC to finance the construction of three new lithium-ion battery cell manufacturing facilities in Michigan, Ohio, and Tennessee.
The facilities will produce large format, pouch-type cells that use a state-of-the-art nickel-cobalt-manganese-aluminum chemistry to deliver more range at less cost and can be arranged in different combinations for use in a wide range of vehicles, from passenger cars to buses to heavy-duty trucks.
First announced as a conditional commitment for a loan in July 2022, the Ultium Cells project marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing (ATVM) program.
The project is expected to create 6,000 good-paying construction jobs and 5,100 operations jobs when the financed facilities are at full capacity and the manufactured cells will supply General Motors with crucial components as it works to deliver on its plan to eliminate 100% of tailpipe emissions from its new light-duty vehicles by 2035.
LEARN MORE:
• For more details, see LPO's Ultium Cells portfolio project page: https://lnkd.in/grEDBgX7
• Read the full DOE press release: https://lnkd.in/g9FTGChr
• Read the project's July 2022 conditional commitment announcement: https://lnkd.in/gz_NBBn9
• Find out more about the ATVM program and LPO advanced transportation project financing: https://lnkd.in/gHzbCi7z
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Reposted to Energy Central from:Â https://www.linkedin.com/company/doe-loan-programs-office/Â