Ford, SK joint venture set to receive $9.2 billion US government loan for battery plants
Technology
Ford, SK joint venture set to receive $9.2 billion US government loan for battery plants
WASHINGTON (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 the 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.
