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.