---
title: U.S. Providing $710M in Loans to EV Technology Projects
description: Discover how the U.S. is fueling electric vehicle technology with $710 million in loans for EV manufacturing projects, creating jobs and boosting innovation.
image: https://blog.aiag.org/hubfs/BLOG/electric%20vehicle%20-%20blog.jpg
---

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# U.S. Providing $710M in Loans to EV Technology Projects

by [SupplyChainBrain](https://blog.aiag.org/author/supplychainbrain) | Mar 28, 2024

![electric vehicle - blog](https://blog.aiag.org/hs-fs/hubfs/BLOG/electric%20vehicle%20-%20blog.jpg?width=500&height=333&name=electric%20vehicle%20-%20blog.jpg)

The U.S. Department of Energy announced February 22 that it had given preliminary approval to almost [$710 million in loans](https://www.reuters.com/sustainability/sustainable-finance-reporting/us-offers-710-million-loans-ev-technology-projects-2024-02-22/) for electric vehicle manufacturing projects.

According to Reuters, the larger of the two loan commitments announced went to a unit of the South Korean semiconductor company SK Siltron. This $544 million commitment will go towards expanding the organization’s plant in Bay City, Michigan that produces high-powered silicon carbide electronics used in EVs. The Department of Energy said in a statement that about 400 total jobs would be created as part of the SK Siltron plant expansion.

American Battery Solutions received conditional approval for another loan of $165.9 million, which will be used to grow the company’s battery pack assembly operations in Lake Orion, Michigan and Springboro, Ohio. That expansion project could create up to 460 jobs.

[Read full article here. ](https://www.supplychainbrain.com/articles/39141-us-providing-710m-in-loans-to-ev-technology-projects)

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