The U.S. Department of Energy announced this Monday that it has finalized a $9.63 billion loan for the joint venture between Ford Motor and South Korean battery manufacturer SK On, to help finance the construction of three new battery factories in Tennessee and Kentucky.
Details indicate that this partnership between the two companies aims for the three new factories to collectively produce more than 120 gigawatt hours (GWh) each year.
The government loan to the joint venture BlueOval SK, which is larger than initially expected, is the largest made by the U.S. government’s Advanced Technology Vehicles Manufacturing loan program.
The project is expected to create a total of approximately 5,000 construction jobs in Tennessee and Kentucky and 7,500 operational jobs once the factories are producing batteries for electric vehicles.
