The US Department of Energy’s (DOE) Loan Programs Office (LPO) has closed a direct loan of up to $9.63 billion to BlueOval SK, a joint venture between Ford and South Korean battery supplier SK On, for the construction of up to three manufacturing plants to produce batteries for Ford’s future Ford and Lincoln EVs.
The plants—one located in Tennessee and two in Kentucky—will support more than 120 gigawatt-hours of US battery production annually.
LPO borrowers are required to develop and implement a comprehensive Community Benefits Plan (CBP). As a part of its CBP, BlueOval SK has partnered with Tennessee College of Applied Technology through the state of Tennessee and Elizabethtown Community and Technical College in the state of Kentucky to construct new community and technical colleges that are training members of the community for jobs at the facilities.
Source: US Department of Energy
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