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Get $710 million for EV tech projects in the US.

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TLDR:

  • The U.S. Energy Department has given preliminary approval for nearly $710 million in loans to support electric vehicle (EV) technology manufacturing ventures.
  • Major projects include funding for SK Siltron and American Battery Solutions to expand operations and create jobs in Michigan and Ohio.

The U.S. Energy Department has approved loans totaling $710 million to support electric vehicle technology projects. The department still has over $200 billion in loan capacity available for clean energy projects. Applications for financing have been pouring in, with $80 billion worth received in the past two months. The largest loan commitment of $544 million went to SK Siltron, a South Korean company, to expand its plant in Michigan producing electronics for EVs. Another conditional approval of $165.9 million was granted to American Battery Solutions for expanding EV battery pack assembly operations in Michigan and Ohio, potentially creating up to 460 jobs. These projects and jobs are dependent on the companies finalizing the loans and deploying the funds. The Energy Department has previously provided loans for battery plant construction by other companies such as General Motors and LG Energy Solution. Despite a slowdown in the clean technology sector in 2023, the department aims to continue supporting critical mineral production for batteries and electronics, anticipating a potential shortfall in 2027. Energy Secretary Jennifer Granholm had announced plans to offer loans and grants for factory conversions to support EV production. However, potential applicants are waiting for grant opportunities before moving forward. Overall, the U.S. government is focused on promoting investments in clean energy technologies and reducing reliance on imports, particularly from China.

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