U.S. government to provide up to $9.63 billion loan to Ford, SK On battery joint venture
2024-12-17 08:39:42
The U.S. Department of Energy's Loan Program Office announced on December 16 that it has finalized a direct loan of up to $9.63 billion to BlueOvalSK, a joint venture between Ford Motor and South Korean battery manufacturer SKOn, to finance the construction of three battery manufacturing plants in Tennessee and Kentucky. The loan amount is higher than the $9.2 billion conditional commitment announced in June 2023. BlueOvalSK said that it has invested more than $11 billion in factory construction so far, and the first plant in Kentucky is expected to start production next year, and the Tennessee plant is scheduled to start production at the end of next year.
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