Department of Energy announces loan of $9.63 billion to BlueOval SK LLC
The funding will allow the construction of three plants - one in Tennessee and two in Kentucky.
The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced on Monday the closing of a direct loan of up to $9.63 billion to BlueOval SK LLC (BOSK) for the construction of up to three manufacturing plants to produce batteries for Ford Motor Company’s future Ford and Lincoln electric vehicles (EVs).
Together, the plants, one located in Tennessee and two in Kentucky, would enable more than 120 gigawatt hours of U.S. battery production annually. The three facilities created more than 5,000 construction jobs as the plants were being built and will create up to 7,500 BOSK operations jobs. Today’s announcement—the largest loan granted through DOE’s Advanced Technology Vehicles Manufacturing Program (ATVM)—will help ensure the United States can meet domestic demand and remain a global leader in the rapidly expanding EV industry.
BOSK is a joint venture between Ford Motor Company (Ford) and SK On, a world-leading Korean EV battery manufacturer. BOSK was created to supply Ford with batteries for its growing EV product line.
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