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The U.S. Energy Department on Monday said it had finalized a direct loan of up to $9.63 billion to the joint venture of Ford Motor Co. and Korean battery partner SK On Ltd. for the construction of three electric vehicle battery plants in Tennessee and Kentucky.
Bạn đang xem: Energy Department finalizes $9.63B loan for Ford, SK battery plants
The loan is the largest from the department’s Advanced Technology Vehicles Manufacturing Program. It will help to bring online 120 gigawatt hours of capacity and create 7,500 jobs at the BlueOval SK LLC plant in Tennessee and two in Kentucky. The Loan Programs Office has been working with the joint venture since June 2023 to finalize the loan.
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A news release championed the loan as reinforcement of objectives to reshore manufacturing domestically to reduce reliance on Chinese supply chains, ensure American leadership in certain technologies and meet Biden administration climate objectives, including half of U.S. vehicles being zero-emission by 2030.
Actions by Ford along with other automakers, however, have shown EV adoption is a bumpy road with product cancelations and delayed launches after consumers didn’t show sufficient appetite for the pricier vehicles whose charging infrastructure still is being built out.
The LPO requires borrowers to complete a comprehensive Community Benefits Plan. BlueOval SK has partnered with Tennessee College of Applied Technology and Elizabethtown Community and Technical College in Kentucky to construct new community and technical colleges to train for jobs at the BOSK plants.
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The Energy Department earlier this month said it also will loan up to $7.54 billion to StarPlus energy, the joint venture between Jeep and Ram parent Stellantis NV and Korean battery partner Samsung SDI. That partnership is building two EV battery plants in Kokomo, Indiana.
@BreanaCNoble
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