Yahoo Autos U.S. offers $710 million in loans for EV technology projects
The production area of SK Siltron CSS, a silicon wafer plant being expanded by South Korean semiconductor manufacturer, in Bay City, Michigan. (Reuters)
DETROIT/WASHINGTON — The U.S. Energy Department has given preliminary approval for nearly $710 million in loans to electric vehicle technology manufacturing ventures, while the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects.
South Korean company SK Siltron CSS is set to receive $544 million to expand a plant in Bay City, Michigan, that produces high power silicon carbide wafers used in electric vehicles. Those components are critical EV drivetrains, including inverters, and electrical distribution systems, the department said.
About 200 jobs each in the construction and production sectors could be created to handle the plant expansion, the department said in a statement.
"This project is an important step towards ensuring a resilient and robust supply chain in the United States, and we are proud to bolster domestic semiconductor manufacturing,” said SK Siltron CSS CEO Jianwei Dong.
President Joe Biden visited the Bay City factory in November 2022 touting the fact that it produces material for chips that power "smartphones, washing machines, hospital equipment, automobiles — just to name a few."
American Battery Solutions separately received conditional approval for a $165.9 million loan to expand its EV battery pack assembly operations in Springboro, Ohio and Lake Orion, Michigan. Both facilities could employ up to 460 people.
