BlueOval SK secures $9.2 billion loan for EV battery manufacturing

Ford’s joint venture BlueOval SK has secured a $9.2 billion loan from the US Department of Energy to build three battery manufacturing plants in the United States.

Per Forbes, the funds will go towards three battery manufacturing plants for Ford and Lincoln vehicles. The breakdown of facilities is one in Tennessee and two in Kentucky.

Although the loan has been announced, it is still conditional. There are several steps and critical milestones for BlueOval SK to hit before they receive the final loan.

Some of these conditions include working with local stakeholders to develop a diverse workforce and network of suppliers within the North American auto industry. As well as partnering with the Tennessee and Kentucky state governments to create courses and curricula to support new technical schools to train members of the community to qualify for jobs.

Per the announcement, the three facilities will enable more than 120 gigawatt hours of power to be produced per year. BlueOval SK believes the three facilities will create around 7,500 jobs in the two states once they come online. As well as create around 5,000 construction jobs in the two states.

The plants will help Ford reach its 2 million vehicle production goals as the company looks to electrify and release EVs under both the Ford and Lincoln brand.

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