All articles tagged with #federal loan
The US government is moving towards acquiring a small equity stake in Lithium Americas, the developer of the Thacker Pass lithium mine in Nevada, as part of a restructuring of a $2.3 billion federal loan to support the project, which is crucial for electric vehicle battery production and involves significant corporate and government investment.
Vivek Ramaswamy criticized the Biden administration's anticipated $6 billion federal loan for Rivian's electric vehicle plant in Georgia, suggesting it targets Elon Musk and Tesla. The loan, intended to create 7,500 jobs, is still pending approval. Rivian paused construction of the plant to cut costs, shifting production to Illinois. The project, initially Georgia's largest economic development, has stalled as Rivian struggles with profitability. The loan aligns with Biden's push for EV incentives, though most Rivian models currently don't qualify for tax credits.
Rivian, an electric vehicle manufacturer, has secured a $6.6 billion loan from the U.S. Energy Department to complete its stalled factory project in Georgia. The plant, located near Social Circle, was intended for producing midsize and crossover SUVs but faced delays due to financial issues. Rivian, which began selling vehicles in 2021, currently produces pickup trucks and three-row SUVs.
The U.S. Department of Energy plans to award Rivian a nearly $6 billion loan to construct its electric vehicle factory in Georgia, a project expected to create 7,500 jobs and produce 400,000 vehicles by 2032. This loan, pending final approval, will help Rivian overcome previous delays due to supply chain issues and financial constraints. The Georgia plant is crucial for Rivian's expansion and aligns with federal efforts to bolster domestic EV manufacturing. The project has faced environmental concerns but passed a preliminary assessment indicating no significant impact.
Rivian has secured a $6.6 billion conditional loan from the U.S. Department of Energy to resume construction of its planned factory in Georgia, which is now expected to begin operations in 2028. The factory, initially announced in 2021, was delayed due to financial constraints, leading Rivian to shift production plans for its R2 SUV to its existing Illinois plant. The Georgia facility is projected to employ 7,500 people by 2030, supported by a $1.5 billion incentives package from the state.
The federal government is providing a $1.5 billion loan to the owner of the Palisades Nuclear Plant in Michigan to support its efforts to reopen the facility, which would be the first in the country to return to the grid after decommissioning. Energy Secretary Jennifer Granholm and Gov. Gretchen Whitmer emphasized the plant's potential to help meet climate goals and create high-wage jobs. The loan is a significant step for Holtec International, the plant's owner, which aims to restart operations and potentially build small modular reactors at the site. However, concerns have been raised about safety and the company's lack of experience in nuclear operations.
The U.S. Department of Energy has approved a $1.52 billion loan to Holtec International to reopen the Palisades nuclear power plant in Michigan, which shut down in May 2022, marking a major federal boost for the state's nuclear power industry.
The Biden administration is set to offer a $1.5 billion loan to Holtec International Corp to restart the Palisades nuclear plant in Michigan, marking the first restart of a shuttered US nuclear reactor. This move reflects the administration's support for the nuclear industry as part of its efforts to meet ambitious climate goals. The funding, backed by a loan guarantee program, aims to revitalize old energy plants and would make Palisades the first nuclear reactor financed by the Biden administration.
Ford's plans to build three battery plants in Tennessee and Kentucky, along with an assembly plant in Tennessee, are on track to receive up to a $9.2 billion federal loan, the largest award under the US Department of Energy's loan program since President Joe Biden took office. The loan would help secure a sizable chunk of funding for Ford's big electric vehicle swing in the two states, with the three battery plants combined expected to create 5,000 construction jobs and 7,500 operations jobs. However, the announcement drew sharp criticism from the United Auto Workers union, which called it "a massive $9.2 billion giveaway loan to Ford Motor Co. through the Department of Energy to create 7,500 low-road jobs with no consideration for wages, working conditions, union rights or retirement security."
Ford's plans to build three battery plants in Tennessee and Kentucky, along with an assembly plant in Tennessee, are on track to receive up to a $9.2 billion federal loan, the largest award under the US Department of Energy's loan program since President Joe Biden took office. The loan would help secure a sizable chunk of funding for Ford's big electric vehicle swing in the two states, with the three battery plants combined expected to create 5,000 construction jobs and 7,500 operations jobs. However, the announcement drew sharp criticism from the United Auto Workers union, which called it "a massive $9.2 billion giveaway loan to Ford Motor Co. through the Department of Energy to create 7,500 low-road jobs with no consideration for wages, working conditions, union rights or retirement security."