Ultium Cells has received a $2.5 billion loan from the Department of Energy
Dec. 15, 2022
Processed through the DOE’s Loan Programs Office, the loan will help Ultium build battery manufacturing facilities.
The U.S. Department of Energy (DOE) has approved a $2.5 billion loan to Ultium Cells LLC. Processed through the DOE’s Loan Programs Office, the loan will help Ultium build battery manufacturing facilities in Ohio, Tennessee, and Michigan. According to the DOE, this investment will result in 6,000 construction jobs and 5,100 operations jobs, including 700 union jobs at Ultium’s Warren, Ohio, plant.
In a recent quote, U.S. Secretary of Energy Jennifer M. Granholm said, “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. 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.”
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