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Transportation Power The Almighty Buck

US Resurrects Green Energy Loan Program For GM Battery Joint Venture (reuters.com) 32

An anonymous reader quotes a report from Reuters: The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities. The conditional commitment for the loan to Ultium Cells LLC for facilities in Ohio, Tennessee, and Michigan is expected to close in the coming months and comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program, which has not funded a new loan since 2010. The plan, first reported by Reuters, would mark the Energy Department's first loan exclusively for a battery cell manufacturing project under the vehicle program.

The program previously provided low-cost government loans to Tesla, Ford and Nissan, which included some cell manufacturing. "We have to have vehicle manufacturing capacity but also battery manufacturing capacity," Jigar Shah, who directs the Energy Department loan program office, told Reuters in an interview. "This project provides one of the newest additions to battery manufacturing scale in this country." [...] Shah said the department has received more than $18 billion in loan requests from the auto program and expects at least another $5 billion in requests that are being actively prepared. "I do think there will more loans issued," Shah said, declining to offer a precise timeline. The program currently has $17.7 billion in lending authority available. Shah said "for motivated borrowers, they can close these loans rather quickly."
Reuters notes that GM and LG are investing more than $7 billion via the venture. Production at its Ohio battery plant is expected to begin in August. Production is set to begin at its Tennessee plant in late 2023 and in Michigan in 2024.
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US Resurrects Green Energy Loan Program For GM Battery Joint Venture

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  • by Junta ( 36770 ) on Monday July 25, 2022 @06:54PM (#62733344)

    For example, currently there's a problem with proprietary, ever-changing battery packs with early electric cars starting to have the problem of no readily available replacement stock or remanufacturing service. Would be nice to have some sort of public good to extend service life of BEVs by at least a battery replacement, even at some reasonable customer cost...

    • currently there's a problem with proprietary, ever-changing battery packs with early electric cars starting to have the problem of no readily available replacement stock or remanufacturing service. Would be nice to have some sort of public good to extend service life of BEVs by at least a battery replacement, even at some reasonable customer cost...

      The one and only thing I want in this department is a law against EV battery DRM, so that I can replace the pack with a superior future pack (or more likely, since they are frequently structural, replace its guts) instead of having to rebuild my old pack with compatible cells. There is no practical need to have manufacturers be required to be involved in battery replacement, because anyone who can add and multiply (and maybe occasionally subtract and divide!) should be able to figure out how to string toget

  • If the goal is to get more American made cars then the federal government needs to solve the raw material problem. Electric vehicles need rare earth elements in the motors or they become too large and heavy to be practical. Electric vehicle batteries need elements like lithium, cobalt, and so many more to keep the batteries small and light enough to be practical.

    America needs mines. Because of many overly complex rules on mining it is simply cheaper to import these raw materials than to mine them domesti

    • by vivian ( 156520 )

      Luckily there's the Rhyolite Ridge mine project planned in Nevada for both Lithium and Boron with production capacity estimated at 20,000t of Lithium carbonate and 170,000 t of Boric acid annually which will make it one of the biggest mines for the stuff in the world. Boron in particular keeps popping up as something useful in next gen battery tech as well as for hydrogen storage, so it's great there's a ready supply of the stuff.
      https://www.mining-technology.... [mining-technology.com]

      This is something that the US as well as Euro

  • Mary Barra only made $29M last year. Obviously, that is not enough. She'll certainly be making more with this bit of corporate welfare.

    GM should have failed.

  • Is GM a fucking charity or a fucking business ??????????

  • The terms of payday loans [vexel.com] online in the United States can be very different. For example, banks have much lower interest rates than private institutions. However, in some cases, borrowers cannot expect to change the terms of their loan agreement if their financial situation deteriorates.
  • Biden admin hoping GM can kill that racist, homophobe, transphobe, and oh, yeah no longer Democrat Elon Musk.

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