U.S. approve low-interest loan for Ford and SK On

Ford and South Korean traction battery vendor SK On have succeeded in obtaining attractive state loans for a combined amount of U.S. $9.6 billion.

The government expects the companies to spend the money on building three battery plants in the USA, with a projected annual production capacity of 120 Gigawatt-hours total. It is worth noting that the two partners have already invested over $11 billion of their own into the project, so it’s not exactly a handout.

Two plants will reside in Kentucky and one in Tennessee. The first facility is slated for commissioning as soon as 2025.