CNN
—
The US Department of Energy’s Loan Programs Office will announce Monday that it is issuing a $2.5 billion loan to help start three lithium battery manufacturing hubs in Ohio, Tennessee and Michigan.
The DOE loan programs office will loan the money to Ultium Cells LLC, a joint venture of General Motors and South Korean battery manufacturer LG Energy Solutions making batteries to power electric vehicles. General Motors has pledged to go all-electric by 2035, phasing out conventional gas and diesel-powered engines.
In a statement, US Energy Secretary Jennifer Granholm said the DOE loan would “jumpstart the domestic battery cell production needed to reduce our reliance on other countries to meet increased demand.”
“DOE is flooring the accelerator to build the…