Biden To Loan Billions In Assistance To EV Battery Company

General Motors plans to go all-electric by 2035, cutting off the need for conventional gas and diesel-powered engines.

The United States Department of Energy’s loan programs office announced that it is issuing a loan to assist the start up of three lithium battery manufacturing hubs in three U.S. states.

The DOE loan programs office is set to loan $2.5 billion to Ultium Cells LLC. The company is a joint venture of ‘General Motors’ and ‘South Korean battery manufacturer LG Energy Solutions’, that makes batteries to power electric vehicles.

General Motors plans to go all-electric by 2035, cutting off the need for conventional gas and diesel-powered engines.

It was shared that the loan would “jump-start the domestic battery cell production needed to reduce our reliance on other countries to meet increased demands.”

The three hubs are set to be constructed in Ohio, Tennessee, and Michigan.

It is estimated that the facilities will create more than 11 thousand jobs.