{"id":54009,"date":"2024-12-17T11:26:16","date_gmt":"2024-12-17T11:26:16","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=54009"},"modified":"2024-12-17T11:26:16","modified_gmt":"2024-12-17T11:26:16","slug":"bosk-secures-9bn-us-loan-to-expand-domestic-ev-battery-manufacturing","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/bosk-secures-9bn-us-loan-to-expand-domestic-ev-battery-manufacturing\/54009\/","title":{"rendered":"BOSK secures $9bn US loan to expand domestic EV battery manufacturing"},"content":{"rendered":"
The funding, provided by the Department of Energy\u2019s (DOE) Loan Programs Office (LPO), supports the construction of three large-scale EV battery production plants in Tennessee and Kentucky.<\/p>\n
These facilities will produce batteries for Ford Motor Company\u2019s future Ford and Lincoln electric vehicles (EVs), marking a major step in the nation\u2019s transition to clean energy.<\/p>\n
The DOE\u2019s loan to BOSK is the largest loan to date under the Advanced Technology Vehicles Manufacturing<\/a> (ATVM) Loan Program.<\/p>\n The initiative is designed to fund projects that promote fuel-efficient vehicles and their components, creating a stronger domestic EV supply chain<\/a>.<\/p>\n Over the past year, the DOE\u2019s LPO has approved multiple loans spanning critical mineral processing<\/a>, battery production, and recycling, further solidifying the US as a leader in the EV industry.<\/p>\n The BOSK initiative involves the construction of three state-of-the-art EV battery manufacturing plants \u2013 one located in Tennessee and two in Kentucky.<\/p>\n Once operational, these facilities will collectively enable significant US battery production annually, meeting the surging demand for electric vehicles.<\/p>\n Importantly, this investment has already generated more than 5,000 construction jobs during the building phase and will provide up to 7,500 high-quality operational jobs in the coming years.<\/p>\n This initiative highlights the government\u2019s commitment to bolstering US manufacturing, creating sustainable jobs, and positioning the nation as a global leader in EV technologies.<\/p>\n The push for domestic EV battery manufacturing is critical for several reasons:<\/p>\n BOSK, a joint venture between Ford Motor Company and SK On, a globally renowned Korean EV battery manufacturer, was established to ensure Ford\u2019s growing electric vehicle lineup has a reliable supply of high-quality batteries.<\/p>\n With this loan, BOSK is well-positioned to ramp up production and meet rising consumer demand for electric vehicles.<\/p>\n In collaboration with local educational institutions, BOSK is also investing in workforce development. Through a Community Benefits Plan (CBP), BOSK has partnered with Tennessee College of Applied Technology and Elizabethtown Community and Technical College in Kentucky.<\/p>\n These institutions are developing programmes to train workers for high-quality jobs at the new BOSK facilities, ensuring that local residents are equipped with the skills needed for the future of EV manufacturing.<\/p>\n As the global demand for electric vehicles grows exponentially, securing a domestic supply chain for EV batteries is paramount.<\/p>\n By investing in projects like BOSK\u2019s battery plants, the US is taking proactive steps to onshore EV battery manufacturing capabilities.<\/p>\n This move ensures the US can compete with other nations in the race for clean energy dominance while reducing vulnerabilities tied to foreign supply chains.<\/p>\n As the US accelerates its transition to zero-emissions vehicles, projects like BOSK\u2019s battery plants ensure that the country remains at the forefront of innovation, sustainability, and economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":" The US has announced the closing of a monumental $9.63bn direct loan to BOSK to advance domestic EV battery manufacturing. Find out more.<\/p>\n","protected":false},"author":15,"featured_media":54010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24425],"tags":[24203],"acf":[],"yoast_head":"\nThree high-impact EV battery production plants<\/h3>\n
Why EV battery manufacturing matters for the US<\/h3>\n
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BlueOval SK: A strategic partnership<\/h3>\n
Building a resilient domestic supply chain<\/h3>\n