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 for its EV and battery projects from the State of Michigan earlier this year.
