Wall Street

Energy Department plans to loan GM battery joint venture $2.5 billion

Published by
The Detroit News

WASHINGTON — The Department of Energy said Monday it plans to loan General Motors Co. and LG Energy Solution’s joint venture $2.5 billion to build EV battery plants in Michigan, Ohio and Tennessee. GM announced in January that it plans to invest nearly $7 billion in EV and battery production at four sites around Michigan, including a $2.5 billion battery cell plant through Utlium Cells LLC in Delta Township near Lansing. It’s the Energy Department’s first loan for battery cell production under its Advanced Technology Vehicles Manufacturing program. GM also received $824.1 million in incentives…

Read More

Share this Story
Load More Related Articles
Load More In Wall Street