U.S. Department of Energy set to provide a loan of $2.5 billion to a joint venture of General Motors Co., and LG Energy Solution
A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from the Department of Energy (DoE), USA to build battery cell factories for electric vehicles. The fund will be provided to Ultium Cells LLC, a joint venture of GM and LG Energy Solution to build three lithium-ion battery plants in the US.
The fast-growing e-mobility market is primarily relying upon China and other Asian countries for EV battery components. Major Automakers from the US and Europe are tying hands with battery chemistry and cell manufacturer to strengthen regional battery production capacity. Tesla, Ford, and Nissan are among the auto companies that have already started working towards increasing regional production of lithium-ion batteries
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