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Department of Energy announces $2.5 billion loan for battery production

The loan will finance the construction of manufacturing facilities in Ohio, Tennessee, and Michigan.

The U.S. Department of Energy today announced a $2.5 billion loan to Ultium Cells LLC (a joint venture by GM and LG Energy Solution) to expedite the country’s lithium-ion battery production. As supply chain issues have effected nearly every market, battery production has been hit hard. The loan will help finance new lithium-ion battery manufacturing facilities in Ohio, Tennessee, and Michigan. The effort is also made in part to increase the availability of electric vehicles to the general public in an effort to decrease carbon emissions.

From the U.S. Department of Energy’s release:

“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,” said U.S. Representative Tim Ryan (OH-13). “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.”

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