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DOE Lends $2.5 Billion to GM Venture for EV Batteries

July 26, 2022

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WASHINGTON — A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from the Energy Department to build battery cell factories for electric vehicles in three states.

The Energy Department said it has made a conditional commitment to lend the money to Ultium Cells, a joint venture of GM and LG. The loan could help Ultium finance three lithium-ion battery plants planned in Michigan, Ohio and Tennessee, bolstering the Biden administration’s efforts to promote electric vehicles and reduce dependence on China for critical components.

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