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Feds Issue $2.5B Loan to Battery Plants

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Dec. 13, 2022—The U.S. Department of Energy will loan $2.5 billion to lithium battery plants in Ohio, Tennessee, and Michigan.

Local3News reports that the money will go toward General Motors outfits that produce Ultium Drive components. Partners in the venture include LG Energy Solutions.

"DOE is flooring the accelerator to build the electric vehicle supply chain here at home -- and that starts with domestic battery manufacturing led by American workers and the unions that support them," Energy Secretary Jennifer Granholm said in a statement.

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