DIRS.INFO The most relevant business & tech news

☆ Ford, SK joint venture set to receive $9.2 billion US government loan for battery plants
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department on Thursday said it intends to loan a joint venture of Ford Motor (F.N) and South Korean battery maker SK On up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the Blue Oval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. SK On is a unit of South Korea's SK Innovation (096770.KS). The joint venture is building battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 80 gigawatt hours annually. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Toby Chopra Organizations: U.S . Energy Department, Ford Motor, SK, Blue Oval SK, Technology Vehicles Manufacturing, South Korea's SK Innovation, Thomson Locations: Korean, Tennessee, Kentucky, South

☆ Ford agrees to $9.2 billion US government loan
▼ + stars: | 2023-06-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

Ford and SK’s joint venture, BlueOval SK, would use the funds to build three electric vehicle battery plants, two in Kentucky and one in Tennessee. Also, the loan amount is up to $9.2 billion, but Ford could use less than that. The loan would be part of the DoE’s Advanced Technology Vehicles Manufacturing Loan Program, a $25 billion program to reduce US dependence on oil and reduce carbon emissions. Ford previously took out a $5.9 billion loan under the program in 2009. General Motors agreed to a $2.5 billion loan under the program last year.

Persons: New York CNN —, Joe Biden’s, Ford, DoE, General Motors Organizations: New, New York CNN, New York CNN — Ford, SK, US Department of Energy, BlueOval SK, Ford, Department of Energy, Technology Vehicles Manufacturing, General Locations: New York, United States, Kentucky, Tennessee

☆ Ford-SK venture to get $9.2 billion US loan for battery plants
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

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

☆ US set to issue $362 mln loan for vehicle wiring production
▼ + stars: | 2023-05-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, May 12 (Reuters) - The U.S. Energy Department on Friday said it intends to loan California startup CelLink $362 million to help finance construction of a U.S. manufacturing facility to improve key vehicle wiring components. The conditional commitment from the government's Advanced Technology Vehicles Manufacturing loan program is for the development of lighter, more efficient flexible circuit wiring harnesses for automotive and other industries. Once fully operational, the Georgetown, Texas facility is expected to produce flex harnesses to support some 2.7 million electric vehicles per year, the department said. CelLink, which already has products installed in more than a million vehicles on the road, currently operates a manufacturing facility in San Carlos. The new Texas facility will eventually hold up to 25 manufacturing lines that will be brought online in stages over the next several years depending on demand.

☆ Lithium-ion battery recycling company Li-Cycle scores $375 million conditional loan from Energy Department for Rochester plant
▼ + stars: | 2023-02-27 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Battery recycling company Li-Cycle said Monday it's secured a conditional $375 million loan from the Department of Energy to develop a recycling facility for key battery materials near Rochester, New York. The Rochester facility will significantly expand Li-Cycle's reach. "I think of course we need both primary, meaning mine sources, and secondary…every unit counts of lithium, nickel, cobalt. I think with the overlay of the IRA and the overlay of the corporate targets around sourcing for these materials, recycling is going to be very important." Li-Cycle said it expects the loan to close during the second quarter, with the company planning to initiate commissioning of the Rochester facility late this year.

Redwood Materials expects to draw down the first loan tranche later this year, Chief Executive JB Straubel said in an interview. The IRA rules are designed to shift the U.S. battery supply chain away from China, which currently produces 70% of batteries for electric vehicles. EXPANSION PLANSRedwood Materials, founded in 2017 by ex-Tesla executive Straubel, is on a path to become one of the world’s largest recyclers and re-manufacturers of battery materials, including copper, lithium, cobalt and nickel. Redwood Materials said it will supply copper foil from Nevada to Panasonic (6752.T) for battery cells produced at the Nevada Gigafactory that Panasonic jointly operates with Tesla. Redwood Materials has supply agreements with a number of manufacturers, including Ford, Toyota Motor (7203.T) and Volkswagen Group (VOWG_p.DE).

☆ Redwood Materials scores a new $2 billion loan to build out battery recycling facility in Nevada
▼ + stars: | 2023-02-09 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

Redwood Materials was founded by former Tesla CTO and cofounder JB Straubel in 2017 during his tenure at Elon Musk's car company. The battery-recycling startup will use the funding to build and expand its battery recycling facility outside of Reno, Nevada. Redwood Materials has attained a $2 billion loan commitment from the Department of Energy, the agency announced on Thursday via its loan programs office. As CNBC previously reported, last year Redwood Materials struck a multi-billion dollar deal with Tesla supplier Panasonic. Redwood Materials has a pilot line up and running for production of anode copper foil in Nevada already.

☆ Lithium company Ioneer scores $700 million conditional loan from Energy Department for Nevada plant
▼ + stars: | 2023-01-13 | by ( Pippa Stevens | ) www.cnbc.com time to read: +1 min

Lithium company Ioneer said Friday that it's secured a conditional commitment for a loan of up to $700 million from the Department of Energy as the U.S. seeks to develop new supply chains for materials that are critical to the energy transition. Ioneer is developing the Rhyolite Ridge Lithium-Boron Project in Esmeralda County, Nevada. When fully operational, the site will produce enough lithium for 400,000 electric vehicles, the company said, while also producing boron. Ioneer's loan from the Department of Energy hinges on several conditions, including that the company receives all of the necessary permits. If approved, the loan, made under the Department of Energy's Advanced Technology Vehicles Manufacturing program, will be for Ioneer's on-site lithium processing facility.

☆ U.S. finalizes $2.5 billion loan to GM, LG battery joint venture
▼ + stars: | 2022-12-12 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Reuters first reported in July the planned loan to Ultium Cells LLC from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. Last week, workers at the $2.3 billion Ultium plant in Ohio voted to join the UAW, a win for the union, which is seeking to organize the growing EV supply chain. GM and LG Energy are considering an Indiana site for a fourth U.S. battery plant. The Energy Department said the $3 billion would provide an estimated $40 billion in additional loan authority for a total estimated available authority under ATVM of about $55.1 billion before the Ultium loan. The ATVM loan program in July closed on a $102.1 million loan to Syrah Technologies LLC (SYR.AX) for expansion of a facility producing a key component for batteries.

Search resuls for: "Technology Vehicles Manufacturing"

9 mentions found