GM-LG Ultium Cells Battery Venture May Get First Federal ATMM Loan in 10 Years
General Motors and LG may be the first companies in 12 years to receive a loan under the federal government’s Advanced Technology Vehicle Manufacturing (ATVM) loan program. Reuters , Quote information from stakeholders. The US Department of Energy Green car report There are details about the arrangements that will appear later in the day. according to release The $ 2.5 billion loan currently in operation will help fund the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan. The three facilities (perhaps already announced by the company) are expected to generate 5,100 operational jobs and 6,000 construction jobs. LG Energy Solution and GM are partners of Ultium Cells LLC, which builds the large format pouch cells that underpin the Ultium EV architecture of automakers. Ultium Cells LLC is also building a production plant to expand cell production for EV models in the mass market. Another venture with South Korea’s POSCO Chemical w