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  • Home
  • News
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Amgen buys Horizon Therapeutics for US$ 25 billion

    Europe prepares law to make airlines that pollute more pay higher costs

    Europe prepares law to make airlines that pollute more pay higher costs

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Amazon fined millions for manipulating algorithms in its favor

    Amazon fined millions for manipulating algorithms in its favor

  • Markets
    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    What are CFDs and what are their advantages?

    Getting started with CFD trading

    Goldman Sachs lands with more strength at Santander and BBVA

    Goldman Sachs lands with more strength at Santander and BBVA

    With inflation in recession, what stocks should you consider?

    With inflation in recession, what stocks should you consider?

    Should payment for order flow be maintained in the stock market?

    Should payment for order flow be maintained in the stock market?

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Inflation is starting to ease but not enough

    Inflation is starting to ease but not enough

  • Investing
    Two biotech stocks that could explode soon

    Two biotech stocks that could explode soon

    Ideas for investing in the electric vehicle industry

    Ideas for investing in the electric vehicle industry

    Mercado Libre could be one of the best investments for the long term

    Mercado Libre could be one of the best investments for the long term

    Three cheap tech stocks for 2023

    Three cheap tech stocks for 2023

    Where to invest in 2023? These are the most likely trends

    Where to invest in 2023? These are the most likely trends

    Will Ford shares be profitable in 2023?

    Will Ford shares be profitable in 2023?

    Some interesting options for investing in leisure and travel companies

    Some interesting options for investing in leisure and travel companies

    Plug Power’s commitment to green hydrogen

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    Investing in Auto Trader: vehicle sales at a turning point

    Investing in Auto Trader: vehicle sales at a turning point

  • Technology
    Banning TikTok in the U.S. could benefit Meta

    Banning TikTok in the U.S. could benefit Meta

    Microsoft leads the ranking of the best-managed companies in 2022

    Microsoft leads the ranking of the best-managed companies in 2022

    Apple: consequences of the Foxconn conflict will continue until 2023

    Apple: consequences of the Foxconn conflict will continue until 2023

    5 must-have skills to get a job in 2023

    5 must-have skills to get a job in 2023

    UK changes strategy on Internet content control

    UK changes strategy on Internet content control

    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    The metaverse companies with the highest revenues in 2022

    The metaverse companies with the highest revenues in 2022

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    Nintendo sells 10 million Switch in 3 days and its shares rise

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  • CryptocurrenciesTRENDING
    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    Bitcoin falls after Fed decision to raise interest rates by 0.50%

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    The future of cryptocurrencies, according to Larry Fink

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    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

    Between two extremes: what will the price of Bitcoin be in 2023?

    Between two extremes: what will the price of Bitcoin be in 2023?

    FTX crash spreads and affects BlockFi

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    EU organized a party in the metaverse and nobody attended

    EU organized a party in the metaverse and nobody attended

    Why does The WSJ continue to question Tether’s financial health?

    Why does The WSJ continue to question Tether’s financial health?

    Brazilian Congress approves bill to regulate cryptocurrencies

    Brazilian Congress approves bill to regulate cryptocurrencies

INVESTOR TIMES
Home Technology
ACTUALIZADO: November 23, 2022

General Motors and LG obtain 2.5 billion dollars to develop lithium batteries

The loan will go to Ultium Cells which is jointly owned by General Motors and LG.

Eric Nesich by Eric Nesich
7/25/2022 - 15:42
in Technology
Reading Time: 1 min read
Share on FacebookShare on TwitterShare on LinkedIn
  • General Motors and LG obtain financing from the U.S. Department of Energy.
  • The amount of the loan is 2.5 billion dollars.
  • U.S. expects 50% of vehicles to be electric by 2030

The U.S. Department of Energy will lend USD 2.5 billion to a joint venture between General Motors and LG Energy to finance the construction of new lithium battery cell manufacturing facilities.

This loan will crystallize in the coming months. It would be the first Department of Energy loan for a battery cell manufacturing project for the vehicle program. The company is Ultium Cells LLC.

Previously, other companies obtained low-cost financing such as Tesla, Ford and Nissan that included the manufacture of some cells. In this case it is different since the financing is total for General Motors and LG.

The loan is in line with the request of President Joe Biden, who set the goal for 2030: 50% of cars on the road in the U.S. must be electric or hybrid.

“We have to have vehicle manufacturing capacity, but also battery manufacturing capacity,” Jigar Shah, who heads the Energy Department’s loan program office, told Reuters in an interview. “This project provides one of the most recent additions to the scale of battery manufacturing in this country. The facility will create more than 5,000 new high-tech jobs in the United States.”

GM and LG have invested more than $7 billion to build three battery manufacturing plants. Their main plant is in Ohio.

The official Democratic policy of lending to the lithium battery industry also included graphite miner Syrah Resources in April of this year. It expanded an electric car battery parts plant in Louisiana.

The Department of Energy received more than $18 billion in loan applications for the electric car manufacturing program. More loans are expected to be issued to companies in the near future.

During this year the Department stated that it will award $2910 million to encourage advanced battery production, production plant financing, battery materials refining, battery cell and pack manufacturing, and recycling facilities.

Tags: clean energiesgeneral Motors sharesLG

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