Ultium Cells, an electric vehicle battery joint venture between General Motors and LG Energy Solution, plans to build its fourth plant in New Carlisle in the US state of Indiana, according to a company spokesman.
Ultium Cells has applied for a tax reduction in New Carlisle and expects it to be approved this month, he said. The fourth plant is projected to be very similar to the previous three battery plants and requires an investment of more than two billion US dollars.
The three previous Ultium Cells battery factories are located in Ohio, Spring Hill and Lansing. An electric vehicle battery plant in Ohio is expected to start production this month. The battery plant in Spring Hill is being built next to the GM vehicle factory. Meanwhile, in January 2022, another battery cell manufacturing facility was announced in Lansing, Michigan, where General Motors also operates two vehicle factories.
Previously, the US Department of Energy would provide a $2.5 billion loan to battery joint venture General Motors and LG Energy Solution. The loan is still a “conditional commitment” that is expected to be completed in the coming months. The loan money comes from the Advanced Technology Vehicles Manufacturing (ATVM) program, which has stopped funding new programs since 2010.
The last AVTM lender was Tesla which had repaid its loan early in 2013. Ford and Nissan previously also benefited from the loan program.
The loan will be the first loan from the US Department of Energy to exclusively fund a battery cell production project for electric cars.