The U.S. Department of Energy's Loan Programs Office announced the closing of a $2.5 billion loan for new lithium-ion battery cell manufacturing facilities.
The closing of the loan to Ultium Cells LLC will assist in funding the building of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee and Michigan, according to a Dec. 12 news release. The three sites will be under the management of Ultium Cells, a joint venture between General Motors and LG Energy Solution.
“DOE is flooring the accelerator to build the electric vehicle supply chain here at home — and that starts with domestic battery manufacturing led by American workers and the unions that support them,” U.S. Secretary of Energy Jennifer M. Granholm said in the release. “This loan will jumpstart the domestic battery cell production needed to reduce our reliance on other countries to meet increased demand and support President Biden’s goals of widespread EV adoption and cutting carbon pollution produced by gas-powered vehicles.”
“Investing in American production and Ohio workers is part of the work we are doing to put in place a new pro-American, pro-worker industrial policy,” Ohio Sen. Sherrod Brown said in the release. “This loan will support Ohio in taking another step to lead the country and the world in producing sustainable technology and electric vehicles that Americans will need and drive over the next century.”
“I authored the Advanced Technology Vehicles Manufacturing Program to help ensure that clean vehicles and the innovative technologies that go into them are made here at home,” Michigan Sen. Debbie Stabenow said, according to the release. “This investment is welcome news for Michigan. It will create thousands of good-paying jobs, strengthen our supply chain and help address the climate crisis.”
“Public-private partnerships are a way of linking private sector technologies and innovations with government resources, which ultimately leads to economic growth. I've been a huge proponent of these programs for my entire tenure in Congress,” Ohio Rep. Tim Ryan said in the release. “My steadfast advocacy for the Mahoning Valley to become the nation’s hub of electric vehicle production has yielded a major investment in our workforce by the Department of Energy and represents another big step toward realizing a significant milestone.”
