WASHINGTON :The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky.The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the governme
WASHINGTON :The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky.
Jigar Shah, head of the Energy Department's Loan Programs Office, said in an interview its goal"is to have people choose to put these supply chains here in the United States, not in other countries, and to do them faster and more confidently here."The plants will displace more than 455 million gallons of gasoline per year for the lifetime of the vehicles powered by the batteries they manufacture.
The $430 billion Inflation Reduction Act approved in August also creates a new $45 per kilowatt battery production tax credit. Ford CEO Jim Farley said in October that from 2023 to 2026,"we estimate a combined available tax credit for Ford and our battery partners could total more than $7 billion."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Harrison Ford felt ‘a sense of peace’ playing Indiana Jones for the last timeThe actor is playing the iconic archaeologist in the movie Indiana Jones And The Dial of Destiny.
Read more »
Ford, SK joint venture set to receive $9.2 billion US government loan for battery plantsWASHINGTON : The U.S. Energy Department on Thursday said it intends to loan a joint venture of Ford Motor and South Korean battery maker SK On up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.The conditional commitment for the low-cost gov
Read more »
Volkswagen subsidiary MAN Energy Solutions sells gas turbine business to China's CHGTBERLIN: Volkswagen subsidiary MAN Energy Solutions on Tuesday said it signed an agreement to sell its gas turbine business to Chinese state-owned CSIC Longjiang GH Gas Turbine Co (GHGT), as the company phases out its fossil fuel business. The Augsburg-based large diesel engines and turbomachinery maker sai
Read more »
Japan's Cosmo Energy wins approval for 'poison pill' against activistTOKYO :Shareholders of Cosmo Energy Holdings approved a 'poison pill' takeover defence on Thursday, in a controversial vote that excluded certain activist shareholders and has implications for hostile takeover attempts in Japan.It marks the second such vote on a poison pill in Japan that excludes an investor,
Read more »
Panasonic, Mazda eye for long-term EV battery supply partnershipTOKYO : Japan's Panasonic Energy and Mazda Motor on Wednesday announced they will discuss a lithium-ion battery supply partnership for electric vehicles.Under the partnership, Panasonic Energy, a Panasonic Holdings Corp unit, would supply Mazda with automotive cylindrical lithium-ion batteries manufacture
Read more »
US rolls out red carpet to Modi with chips, jets investmentWASHINGTON: US President Joe Biden on Thursday (Jun 22) rolled out the red carpet for Indian Prime Minister Narendra Modi with major deals on fighter-jet engines, semiconductors and space, as Washington bets big on New Delhi as a counterweight to China. Modi is being feted with the pomp of a state visit, o
Read more »