Office of Infrastructure, U.S. Department of Energy reposted this
Another heartland manufacturing project supercharging America's domestic electric vehicle (EV) supply chain! (See: https://lnkd.in/gPGHFYKC) Today, LPO announced a conditional commitment of up to $1.2 billion for a direct loan to ENTEK Lithium Separators LLC (ENTEK International) to substantially finance a new facility in Terre Haute, Indiana to manufacture lithium-ion battery separators. A battery separator is a membrane sandwiched between the anode and cathode of a battery. The principal functions of the battery separator are to prevent electronic conduction (i.e., shorts or direct contact) between the anode and cathode while permitting ionic conduction via the electrolyte. Separators play an essential role in the performance and safety of lithium-ion batteries. This project will make a significant contribution to growth in domestic battery separator capacity and help U.S. EV manufacturers satisfy battery component sourcing requirements under the 30D Clean Vehicle Credit. The tax credit, included in President Biden's Inflation Reduction Act (IRA), offers up to $7,500 for the purchase of new clean vehicles. The ENTEK project is expected to create 763 construction jobs and 635 operational jobs and reinforces the President Biden's Investing in America agenda to onshore and re-shore domestic manufacturing technologies that are critical to meeting the Biden-Harris Administration’s goal that half of all new vehicles sold in 2030 are zero-emissions vehicles. Today’s announcement also supports the President’s comprehensive strategy to build a safer, more sustainable transportation system and slash all greenhouse emissions from the transportation sector by 2050. As with all conditional commitments that LPO offers, it's important to note that while this announcement demonstrates an intent to finance the project, the expected U.S. Department of Energy (DOE) financing will only be issued pending the satisfaction of certain conditions—including final legal, contractual, technical, and financial requirements—that the conditional commitment specifies. LEARN MORE: • What is a Conditional Commitment & How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ • President Biden's "Investing in America" Agenda: WhiteHouse.gov/Invest • LPO's Advanced Technology Vehicles Manufacturing direct loan program homepage: Energy.gov/LPO/ATVM • Read about other LPO project announcements: https://lnkd.in/g23s_Uk4 #DOELPO #FinancingAmericanEnergy #BridgeToBankability #DeployDeployDeploy #Liftoff #OpenForBusiness #BuiltInAmerica #FinancingInnovation #FinancingImpact #FinancingClimateSolutions #FinancingAdvancedVehicles #FinancingEVComponents #FinancingSupplyChains #ATVM #InvestingInAmerica #LPONews #ConditionalCommitment
