WASHINGTON — The U.S. Department of Energy has finalized a $2.5 billion loan to Ultium Cells LLC, the EV battery joint venture between General Motors Co. and South Korean battery company LG Energy Solution, officials said Monday.
First announced as a "conditional commitment" in July, the loan is the Energy Department's first loan for battery cell production under its Advanced Technology Vehicles Manufacturing program.
"As electric cars and trucks continue to grow in popularity within the United States and around the world, we must seize the chance to make advanced batteries — the heart of this growing industry — right here at home," Energy Secretary Jennifer Granholm said at the time.
