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Angel Sergeev

GM-Backed Ultium Cells LLC Gets $2.5B Fed Loan For Three Battery Factories

GM Ultium Cells LLC Joe Biden DOE General Motors GM Defense
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In October this year, President Biden launched the so-called American Battery Materials Initiative, which aims to make the United States the global leader in EV manufacturing. As part of this initiative, the Department of Energy (DOE), through its Loan Programs Office (LPO), today announces a $2.5 billion loan to Ultium Cells LLC, a joint venture between General Motors and LG Energy Solution that will produce battery cells. Thanks to the new loan, the company will open three new factories in the country creating more than 11,000 jobs.

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