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U.S. DOE Approves $9.63B Loan for Ford-SK On Battery Plants in Tennessee, Kentucky

Dec 16, 2024, 03:55 PM

The U.S. Department of Energy has finalized a $9.63 billion loan to BlueOval SK LLC, a joint venture between Ford Motor Company and South Korean battery maker SK On, to finance the construction of three new battery manufacturing plants in Tennessee and Kentucky. This loan, the largest ever from the government's Advanced Technology Vehicles Manufacturing loan program, aims to scale up battery production for Ford's future electric vehicles (EVs). The facilities are expected to produce more than 120 gigawatt hours of U.S. battery production annually and have already created over 5,000 construction jobs, with plans to create up to 7,500 operations jobs. The investment is part of President Biden's efforts to onshore and re-shore domestic manufacturing, reducing reliance on foreign nations like China for EV technology. BlueOval SK has invested over $11 billion in the construction of these facilities, with production set to begin at the first Kentucky plant in 2025.