GM joint venture gets $2.5B loan to build battery plants
A 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
By AP News
Published - Dec 12, 2022, 05:16 AM ET
Last Updated - Jun 23, 2023, 06:35 AM EDT
NEW YORK (AP) — A 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.
The Department of Energy awarded the loan to the venture, called Ultium Cells, for the plants, which are expected to create about 11,000 jobs. The loan is part of a government program designed to address the growing need for batteries for electric vehicles.
The loan was first announced in July.
