The US Department of Energy's (DOE) Loan Programs Office (LPO) has closed a direct loan of up to $9.63 billion to BlueOval SK, a joint venture between Ford and South Korean battery supplier SK On, to build up to three manufacturing plants. to produce Ford batteries for future Ford and Lincoln EVs.
The plants—one located in Tennessee and two in Kentucky—will support more than 120 gigawatt-hours of US battery production annually.
LPO borrowers are required to develop and implement a Comprehensive Community Benefits Plan (CBP). As part of its CBP, BlueOval SK has partnered with the Tennessee College of Applied Technology in the state of Tennessee and Elizabethtown Community and Technical College in the state of Kentucky to build new community and technical colleges that train community members for jobs. services.
Source: US Department of Energy