Ultium Cells plants, including one in Lordstown, to get $2.5B federal loan

The U.S. Department of Energy plans to lend $2.5 billion to a joint venture that includes the soon-to-be-opened Ultium Cells LLC plant in Lordstown, Ohio.

The loan would be used by the joint venturers — Detroit automaker General Motors Co. (NYSE: GM) and LG Energy Solution, a subsidiary of a South Korean chemical company — to help finance the construction of three electric vehicle battery-making facilities in Ohio, Tennessee and Michigan, according to an Energy Department blog post.

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Story excerpt provided by Cleveland Business Journal.

Written by Mary Vanac.

Originally published July 25, 2022.