U.S. Department of Energy provides $2.5 billion loan to GM and LG joint venture battery plant
The U.S. Department of Energy has provided a $2.5 billion loan to a joint venture between General Motors and LG New Energy to help them build new lithium-ion battery factories. Ultium Cells LLC, a joint venture between General Motors and LG New Energy, is conditional on getting the loan. Ultium Cells LLC will build battery plants in Ohio, Tennessee and Michigan.In order to support the development of the battery industry, the US government has launched a loan program called "Advanced Technology Vehicles Manufacturing (ATVM)", and the new loan is part of ATVM.The ATVM project has previously provided low-interest loans to Tesla, Ford, and Nissan, which also involves battery manufacturing.General Motors and LG will invest more than $7 billion to build three battery plants in the United States. The Warren, Ohio plant, which will begin production in August, currently employs about 700 people. The Tennessee plant is expected to start production in 2023, and the Michigan plant is scheduled for 2024. $General Motors(GM.US$ $Lahontan Gold Corp(LG.CA$
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