This group brings together the best thinkers on energy and climate. Join us for smart, insightful posts and conversations about where the energy industry is and where it is going.

Jigar Shah's picture
Director, Loan Programs Office , U.S. Department of Energy

Jigar Shah was most recently co-founder and President at Generate Capital, where he focused on helping entrepreneurs accelerate decarbonization solutions through the use of low-cost...

  • Member since 2017
  • 19 items added with 8,470 views
  • Dec 13, 2022
  • 420 views

Huge news for American advanced transportation manufacturing, domestic supply chains, and U.S. leadership in electric vehicles manufacturing! The U.S. Department of Energy (DOE) today announced it has closed a $2.5 billion loan to Ultium Cells LLC to finance the construction of three new lithium-ion battery cell manufacturing facilities in Michigan, Ohio, and Tennessee.

The facilities will produce large format, pouch-type cells that use a state-of-the-art nickel-cobalt-manganese-aluminum chemistry to deliver more range at less cost and can be arranged in different combinations for use in a wide range of vehicles, from passenger cars to buses to heavy-duty trucks.

First announced as a conditional commitment for a loan in July 2022, the Ultium Cells project marks LPO’s first closed loan exclusively for a battery cell manufacturing project under the Advanced Technology Vehicles Manufacturing (ATVM) program.

The project is expected to create 6,000 good-paying construction jobs and 5,100 operations jobs when the financed facilities are at full capacity and the manufactured cells will supply General Motors with crucial components as it works to deliver on its plan to eliminate 100% of tailpipe emissions from its new light-duty vehicles by 2035.

LEARN MORE:

• For more details, see LPO's Ultium Cells portfolio project page: https://lnkd.in/grEDBgX7

• Read the full DOE press release: https://lnkd.in/g9FTGChr

• Read the project's July 2022 conditional commitment announcement: https://lnkd.in/gz_NBBn9

• Find out more about the ATVM program and LPO advanced transportation project financing: https://lnkd.in/gHzbCi7z

 

Reposted to Energy Central from: https://www.linkedin.com/company/doe-loan-programs-office/ 

Discussions
Jim Stack's picture
Jim Stack on Dec 14, 2022

I am still waiting for these new GM batteries and vehicles to become available. I hope they are as good as they sound. So far GM hasn't been able to keep up with the demand for the new updated Bolt EV and EUV. Their Silverado could be the new business vehicle of choice if they can just make enough of them. It will be an exciting time in 2023 and 2024. The new IRA incentives will make demand even bigger. 

Jigar Shah's picture
Thank Jigar for the Post!
Energy Central contributors share their experience and insights for the benefit of other Members (like you). Please show them your appreciation by leaving a comment, 'liking' this post, or following this Member.
More posts from this member

Get Published - Build a Following

The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                 Learn more about posting on Energy Central »