(CNN) – The United States Department of Energy plans to lend $2.5 billion to a joint venture between General Motors and South Korea-based LG Energy Solution.
It would go toward the construction of lithium-ion battery cell plants in Ohio, Tennessee, and Michigan.READ MORE: Ribs RnB Music Festival Kicks Off This Weekend In Downtown Detroit
The loan is part of the Biden Administration’s plan to jump-start the electric car market.
The conditional loan commitment to Ultium Cells is expected to close in the coming months.READ MORE: Judge Says Michigan Gov. Whitmer Won't Have To Testify In Abortion Lawsuit
It comes from the U.S. government’s Advanced Technology Vehicles Manufacturing Loan Program.
This is the program’s first new loan since 2010.
The joint venture says the three battery plants are expected to create more than $5,000 jobs.MORE NEWS: MDHHS Lifts No-Contact Recommendation In Huron River Chemical Spill
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