US Energy Department To Loan $9.2B To Ford, SK JV To Set Up Battery Plants

Ford Motor Co F and South Korean battery maker SK On joint venture will reportedly be loaned about $9.2 billion by the U.S. Energy Department to build battery plants.

Through the grant, the department intends to help Ford and SK construct three new battery cell manufacturing facilities in Tennessee and Kentucky, reported Reuters.

The low-cost government loan proposal has been made from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program.

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The report noted the joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually.

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Price Action: F shares are trading higher by 1.5% at $14.23 on the last check Thursday.