Dec 16, 2024
U.S. Finalizes $9.63 Billion Loan for Ford, SK On Joint Battery Venture
The U.S. Energy Department has finalized a $9.63 billion loan to Ford Motor and South Korean battery maker SK On for their joint venture, BlueOval SK, to construct three new battery manufacturing plants in Tennessee and Kentucky.
The U.S. Energy Department has finalized a $9.63 billion loan to Ford Motor and South Korean battery maker SK On for their joint venture, BlueOval SK, to construct three new battery manufacturing plants in Tennessee and Kentucky. This government loan, the largest from the Advanced Technology Vehicles Manufacturing program, surpasses the $9.2 billion conditional commitment announced in June 2023. The joint venture aims to produce over 120 gigawatt hours of U.S. battery production annually, with plans to begin production at the first Kentucky plant in 2025 and the Tennessee plant later that year. Read more.
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