The Department of Energy plans to loan $9.2 billion to a joint venture between Ford Motor Co. and South Korean battery maker SK On Co. for its battery plants in Kentucky and Tennessee.
Ford has estimated that the projects will create 11,000 jobs and DOE says it will create more than 120 gigawatt hours of U.S. battery production annually.
Ford Treasurer Dave Webb said in a statement Thursday that the company welcomes the agency’s support for the BlueOval SK project.