Energy Department to give $2.5 billion loan to GM joint venture for battery-cell plants

The US Department of Energy said it would loan a General Motors $2.5 billion joint venture to fund the construction of three battery-cell factoriesThe move is part of the Biden administration’s plan to accelerate the market for electric cars.

The department said on Monday it would make a conditional loan to Altium Cell LLC, a joint venture between GM and the South Korean battery company. LG Energy Solution, The department said the money will help fund three battery-cell plants the venture is developing in Ohio, Tennessee and Michigan.