US offers $710 million in loans for EV technology projects
economictimes.indiatimes.comloans to electric vehicle (EV) technology manufacturing ventures, although the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects.
Jigar Shah, director of the energy department's loan program office, told Reuters in Detroit that applications for $80 billion in financing have come to his office within the past two months from «very sophisticated players.»
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisitMITMIT Technology Leadership and InnovationVisit In total, the department has disbursed $34.43 billion, as of Dec. 31, 2023. It received applications for $263.1 billion in loans, as of end-January.
The larger of two preliminary loan commitments announced on Thursday went to a unit of South Korean company SK Siltron, which could receive $544 million to expand a plant in Bay City, Michigan that produces high power silicon carbide electronics used in electric vehicles.
About 200 jobs each in the construction and production sectors could be created to handle the plant expansion, the department said in a statement.
American Battery Solutions got conditional approval for a $165.9 million loan to expand its EV battery pack assembly operations in Springboro, Ohio and Lake Orion, Michigan. Both facilities could employ up to 460 people.
The projects and the jobs depend on the companies closing the loans and
