U.S. finalizes $2.5b loan for GM and LG joint venture
A joint venture between General Motors (NYSE:GM) and LG Energy
Solution (KS:373220) has received a $2.5 billion low-cost loan from the
U.S. Energy Department to assist finance the construction of three new lithium-ion
battery cell production facilities. The financing will support 5,100 operational employment
and 6,000 construction positions at the three lithium-ion manufacturing sites being built in Ohio,
Tennessee, and Michigan. A fourth U.S. battery manufacturing location in Indiana is being
considered by GM and LG Energy. During a Monday visit to Michigan, UAW President Ray Curry,
Michigan Governor Gretchen Whitmer, Labor Department Deputy Secretary Julie Su,
and other politicians, automakers, and EV battery businesses will join
U.S. Energy Secretary Jennifer Granholm to promote the Ultium loan's successful closure.
GM stock is up 0.57% as of Monday's midday trade.
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