In December 2022, the Department of Energy announced the closing of a $2.5 billion loan to Ultium Cells LLC to help finance the construction of new lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan. Ultium Cells, a joint venture between General Motors and LG Energy Solution, will manage battery cell production at the three facilities, as a critical move to address the growing consumer demand for electric vehicles (EVs) on American roadways.
The cells manufactured by Ultium Cells LLC are large format, pouch-type cells that use a state-of-the-art nickel-cobalt-manganese-aluminum (“NCMA”) chemistry to deliver more range at less cost. They can be arranged in different combinations of flexible modules and battery packs to provide the energy for every segment on the road today, from performance vehicles to work trucks.
The three new manufacturing facilities in Ohio, Michigan, and Tennessee are expected to create 6,000 construction jobs and 5,100 operations jobs.
DOE estimates the battery cells manufactured by these facilities could reduce gasoline use by 480 million gallons per year.
PROJECT STATISTICS: ULTIUM CELLS
|Project Summary||Owners||Ultium Cells, LLC|
|Locations||Lordstown, OH; Spring Hill, TN; Lansing, MI|
|Financial Summary||Loan Program||ATVM|
|Loan Type||Direct Loan|
|Issuance Date||November 2022|
|Economic Impact||Permanent U.S. Jobs Supported||5,100|
|U.S. Construction Jobs Supported **||6,000|
|Project Climate Benefit||Gallons of Gasoline Saved Annually||480,000,000|
Last Updated December 2022. The loan was issued in late November 2022 and was announced in December 2022.
* Approximate amount of the loan facility approved at closing including principal and any capitalized interest.
** Estimated at the time of closing