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

electric vehicle - blog

The U.S. Department of Energy announced February 22 that it had given preliminary approval to almost $710 million in loans 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. 



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