Pivotal government funding in support of Ford and SK On’s battery joint venture has come through just weeks before a change in administration and a likely about-face on support for electric vehicles (EVs).
The US Department of Energy’s (DoE) Loan Programs Office (LPO) announced on 16 December 2024 the closing of a direct loan of up to US$9.63bn to BlueOval SK (BOSK). The loan is part of the Biden-Harris Administration’s Investing in America agenda. Funding will support the construction of up to three manufacturing plants to produce batteries for upcoming Ford EVs. The total sum is more than originally expected. When the loan was first announced in mid-2023, the amount was given as US$9.20bn. Either way, it marks the single largest loan in the history of the LPO.