The U.S. Energy Department said it would loan to a General Motors joint venture $2.5 billion to fund the construction of three battery-cell factories, part of the Biden administration’s plans to jump-start the market for electric cars.
The department said Monday it would make the conditional loan to Ultium Cells LLC, a joint venture between GM and South Korean battery company LG Energy Solution. The money would go to help fund three battery-cell plants that the venture is developing in Ohio, Tennessee and Michigan, the department said.
