Ultium Cells was founded in 2019 as a joint venture between General Motors and LG Energy Solution, a subsidiary of South Korean conglomerate LG. The company focuses on developing lithium-ion batteries for electric vehicles to support General Motor's goal of making all of its cars carbon neutral by 2040.
The current Biden-Harris Administration has pledged billions of dollars to expand US manufacturing after supply chains of critical resources buckled during the COVID-19 pandemic. The electric vehicle industry was hit hard; vital semiconductor parts and other materials were in such short supply that automotive manufacturers like General Motors were forced to temporarily shut down their factories.
President Biden launched the American Battery Materials Initiative in October, announcing the DOE was awarding $2.8 billion in grants under the Bipartisan Infrastructure Law. It should be noted, however, that the loan to Ultium Cells stems from the Advanced Technology Vehicles Manufacturing program, a different initiative that was first started in 2007 by President George Bush.of the President's Bipartisan Infrastructure Law—$7.
The Biden-Harris Administration has promised to put aside $3 billion to fund additional loans until 30 September 2028 to keep the ATVM program going, and wants all new car sales to be electric vehicles by 2030 to reach net zero emissions by 2050. The three electric vehicle battery factories are expected to create more than 11,000 jobs, funding 6,000 positions in construction, and 5,100 roles in operations. ®
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