EV Farming, Hyundai, Utilities And A Battery Loan: EV News Dec 16, 2022

This week, we have news on EV Farming, Hyundai, Utilities And A Battery Loan: Our Top EV News for the week of Dec 16, 2022.

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A Billion, A Billion, A Billion

The US Department of Energy has approved a $2.5 billion loan to Ultium Cells, a General Motors and LG Energy Solution joint venture, to help fund the construction of new lithium-ion battery cell manufacturing facilities in Tennessee, Ohio, and Michigan. The facilities are expected to create more than 11,000 jobs across the three states, including more than 700 in the newly organized Warren facility in Ohio.

Ultium Cells will produce battery cells at the facilities to help meet the growing US consumer demand for EVs. The loan is the first under the Advanced Technology Vehicles Manufacturing program exclusively for battery cell manufacturing.

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