Ford Qualifies For $9.2 Billion DOE Loan To Build 3 US Battery Factories
The US Department of Energy Loan Program Office has approved a $9.2 billion conditional loan for Blue Oval SK, a joint venture between Ford and SK On. The money is earmarked for the construction of three battery factories in the US,
BOSK is actively engaging with local stakeholders to develop a diverse local workforce and network of suppliers. To ensure the availability of skilled labor for construction, BOSK is constructing the projects under project labor agreements. In addition, LPO works with all borrowers to create good paying jobs with strong labor standards during construction, during operations, and throughout the life of the loan, and to adhere to a strong Community Benefits Plan.
The project also supports President Biden’s Justice40 Initiative, which established the goal that 40% of overall benefits of certain federal investments, including LPO financing, go to DOE-identified disadvantaged communities . The Tennessee site is located in a DAC, and communities surrounding both Kentucky sites are identified as DACs.
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