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Biden gives GM and LG a $2.5B loan to build 3 battery factories in 3 states

The Biden administration today announced that it’s closed a $2.5 billion loan for Ultium Cells, a joint venture between GM and South Korean battery maker LG Energy Solution. The loan will go toward financing the construction of new lithium-ion battery cell factories in Ohio, Tennessee, and Michigan.

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This US company says it can process mineral components for EV makers ‘in months’

US minerals

In order to qualify for the $7,500 tax credit, the Biden administration’s Inflation Reduction Act (IRA) requires a proportion of battery minerals in EVs to be extracted or processed in the US or free-trade partner countries. But a lot of automakers simply aren’t prepared for that requirement.

Electrek spoke with Megan O’Connor, cofounder and CEO of Nth Cycle, a Beverly, Massachusetts-based metals processing tech company, about how her company can help EV manufacturers address this challenge quickly.

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StoreDot ships its ‘100 miles of range in 5 min of charging’ battery samples to EV makers

StoreDot 100 miles 5 minutes

In March, electric vehicle battery startup StoreDot said it would produce battery cells that will be able to achieve a charge of 100 miles of range in just five minutes. The Israel-based company has delivered: It’s now shipping production-ready “100in5” EV cell samples to its strategic EV OEM partners and potential customers.

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GM and LG to build 3 US EV battery factories with a $2.5B DOE loan

LG GM battery factory

The US Department of Energy (DOE) has announced a conditional loan of $2.5 billion for Ultium Cells, a joint venture of General Motors (GM) and battery manufacturer LG Energy Solution, to help finance EV lithium-ion battery cell factories in three states. The loan is intended to support the expansion of electric vehicle deployment in the US.

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Learn how EV batteries can be profitably recycled in this free, 15-minute webinar

Li-ion battery recycling

Automakers are racing to produce electric vehicles, yet few firms currently know how to recycle old EV batteries. Experts at the Argonne National Laboratory, a US Department of Energy science and engineering research center in Lemont, Illinois, are inviting the public to listen in as experts explore the challenges – and solutions – of recycling lithium-ion batteries.

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