WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky.
The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program.
The joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually, the Energy Department said.
This is the sixth loan for battery supply chain projects from the ATVM program.
Last year, the department awarded a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.
Persons:
Jigar Shah, Dave Webb, Robert Rhee, Ford, Jim Farley, Tesla, David Shepardson, Toby Chopra, David Evans, Alexander Smith
Organizations:
U.S . Energy Department, Ford Motor, Korea's SK, BlueOval SK, Technology Vehicles Manufacturing, SK, South Korea's SK Innovation, Energy Department, Energy, Ford, Lincoln, Republican, Republicans, Biden, General Motors, LG Energy, Ultium Cells, Thomson
Locations:
Tennessee, Kentucky, South, United States, KS, Ohio , Tennessee, Michigan, Fremont , California