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battery JV gets $9.2 billion conditional DoE loan in boost to US battery manufacturing","fords-battery-jv-gets-9-2-billion-conditional-doe-loan-in-boost-to-us-battery-manufacturing","article/fords-battery-jv-gets-9-2-billion-conditional-doe-loan-in-boost-to-us-battery-manufacturing",{"_uid":557,"date":558,"tags":559,"editor":575,"content":585,"excerpt":717,"featured":51,"reporter":718,"_editable":722,"component":723,"seo_title":553,"categories":724,"visibility":731,"author_company":49,"featured_image":732,"seo_description":717,"author_full_name":49,"author_job_title":49,"formattedDate":736,"formattedArticleDate":737},"44eacff3-62b1-4f4f-a24b-c4ce7d6fe41f","2023-06-23 00:00",[560,563,566,569,572],{"slug":561,"name":562},"department-of-energy","Department of Energy",{"slug":564,"name":565},"ford","Ford",{"slug":567,"name":568},"inflation-reduction-act","Inflation Reduction Act",{"slug":570,"name":571},"sk-on","SK On",{"slug":573,"name":574},"usa","USA",[576],{"slug":577,"name":578,"content":579},"matthew-bird","Matthew Bird",{"job_title":580,"image":581,"bio":583,"linkedin":584},"Senior Editor - Supply Chains & Data Visualisation",{"filename":582},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":586,"content":587},"doc",[588,605,618,623,628,641,650,655,660,673,680,685,690,695,700,712],{"type":589,"attrs":590,"content":591},"paragraph",{"textAlign":49},[592,595,603],{"text":593,"type":594},"Ford’s battery joint venture with SK On has won a $9.2 billion conditional loan from the ","text",{"text":596,"type":594,"marks":597},"US Department of Energy",[598],{"type":599,"attrs":600},"link",{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/to-me-what-matters-is-american-dominance-in-these-sectors-of-the-future-qa-with-the-does-jigar-shah","url",{"text":604,"type":594},", to help cover the costs of building three gigafactories in Kentucky and Tennessee totalling over 120 gigawatt hours.",{"type":589,"attrs":606,"content":607},{"textAlign":49},[608,610,616],{"text":609,"type":594},"The loan is the largest given by the department’s ",{"text":611,"type":594,"marks":612},"Loan Programs Office",[613],{"type":599,"attrs":614},{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/2-billion-redwood-doe-loan-advances-us-cathode-production",{"text":617,"type":594}," (LPO), and will help provide around one tenth of the forecast US battery capacity by 2030, according to Benchmark. ",{"type":589,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":594},"“The loan further highlights the US’ commitment to its domestic battery manufacturing industry, not only boosting SK On and Ford’s plans, but also giving confidence to other cell producers, with the potential to attract even more cell capacity commitments,” Evan Hartley, an analyst at Benchmark, said.",{"type":589,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":594},"The Department of Energy’s loan program is a key component of President Joe Biden’s strategy to build a US battery supply chain, so as to reduce reliance on China and generate jobs for local communities across the country. ",{"type":589,"attrs":629,"content":630},{"textAlign":49},[631,633,639],{"text":632,"type":594},"The total battery capacity set to be built in the US by the end of the decade is now around 1.18 terawatt hours by 2030, ",{"text":634,"type":594,"marks":635},"up from around 380 GWh when Biden came into office",[636],{"type":599,"attrs":637},{"href":638,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/ira-supercharges-usas-gigafactory-capacity-pipeline-as-it-overtakes-europe-for-first-time",{"text":640,"type":594},".",{"type":589,"attrs":642,"content":643},{"textAlign":49},[644],{"type":645,"attrs":646},"image",{"id":49,"alt":647,"src":648,"title":49,"source":49,"copyright":49,"meta_data":649},"","https://a.storyblok.com/f/287943243085208/71bd13471f/bm-us-gigafactory-capacity-top-5.png",{},{"type":589,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":594},"Biden has said he aims for 50% of all new vehicle sales by 2030 to be electric vehicles. ",{"type":589,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":594},"Still, currently, the US is set to account for around 13% of global battery capacity by 2030, compared to 68% for China. ",{"type":589,"attrs":661,"content":662},{"textAlign":49},[663,665,671],{"text":664,"type":594},"This loan follows the $850 million conditional loan awarded to ",{"text":666,"type":594,"marks":667},"US battery startup KORE Power",[668],{"type":599,"attrs":669},{"href":670,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/kore-power-850-million-doe-loan-provides-boost-to-us-lfp-cell-production",{"text":672,"type":594}," just last week. Last year the DoE agreed to lend $2.5 billion to General Motor’s battery joint venture Ultium Cells to build gigafactories in Ohio, Tennessee, and Michigan.  ",{"type":674,"attrs":675,"content":677},"heading",{"level":676,"textAlign":49},4,[678],{"text":679,"type":594},"BlueOval SK takes shape ",{"type":589,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":594},"The three gigafactories are being built by BlueOval SK, a joint venture between US automaker Ford and the South Korean battery maker SK On. Two will be in Kentucky and one in Tennessee.",{"type":589,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":594},"Each gigafactory is expected to be at least 40 GWh, making them the largest factories in SK On’s portfolio.",{"type":589,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":594},"The gigafactories are expected to come online from 2025. By 2027, Benchmark’s Gigafactory Assessment puts BlueOval SK as the third largest battery producer in the US by capacity, behind Tesla and Ultium Cells–GM’s joint venture with LG Energy Solution–in first and second position, respectively.",{"type":674,"attrs":696,"content":697},{"level":676,"textAlign":49},[698],{"text":699,"type":594},"IRA boosts DOE’s loans program",{"type":589,"attrs":701,"content":702},{"textAlign":49},[703,705,710],{"text":704,"type":594},"The amount of money the LPO can loan was bolstered by the ",{"text":568,"type":594,"marks":706},[707],{"type":599,"attrs":708},{"href":709,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/opinion-what-will-be-the-eventual-cost-of-the-us-inflation-reduction-act",{"text":711,"type":594},", which set aside $11.7 billion to support the office through credit subsidies. A total of $3 billion of this is specifically associated with the Advanced Technology Vehicle Manufacturing Loan Program, the program through which BlueOval SK applied for this latest loan.",{"type":589,"attrs":713,"content":714},{"textAlign":49},[715],{"text":716,"type":594},"The IRA removed the $25 billion cap on this ATVM program, allowing for more, and larger, loans to be awarded.","Ford’s battery joint venture with SK On has won a $9.2 billion conditional loan from the US Department of Energy, to help cover the costs of building three gigafactories in Kentucky and Tennessee totalling over 120 gigawatt hours. The loan is the largest given by the department’s Loan Programs Office (LPO), and will help provide […]",[719],{"slug":577,"name":578,"content":720},{"job_title":580,"image":721,"bio":583,"linkedin":584},{"filename":582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"44eacff3-62b1-4f4f-a24b-c4ce7d6fe41f\", \"id\": \"\"}-->","article",[725,728],{"slug":726,"name":727},"batteries","Batteries",{"slug":729,"name":730},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":647,"name":647,"focus":647,"title":647,"source":647,"filename":733,"copyright":647,"fieldtype":734,"meta_data":735,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7c206cc730/bm-blueovalsk-battery-park-02.jpg","asset",{"alt":647,"title":647,"source":647,"copyright":647},"Jun 23, 2023","23rd June 2023",[],[],1792773913671]