Enhance the U.S. EV supply chain, focusing on critical components like silicon carbide wafers and EV battery packs
Administration: Managed by the Department of Energy's Loan Programs Office
Value:
The program has a total value of $710 million in loans distributed to key projects
$544 million is earmarked for SK Siltron CSS
$165.9 million is earmarked for American Bttery Solutions
Notable Conditions:
Loans will be provided through the Department of Energy's Advanced Technology Vehicles Manufacturing Loan (ATVM) program
Companies involved in EV component production, such as battery manufacturing and silicon carbide wafer production
Requires a formal application submission to the DOE, with thorough evaluation of the project's potential impa
Beneficiaries:
SK Siltron CSS: produce silicon carbide wafers in Bay City, Michigan. These wafers improve EV charging efficiency and range
American Battery Solutions: manufactures EV battery packs in Lake Orion, Michigan, and Springboro, Ohio. This project aims to support the production of EVs capable of displacing 71,000 metric tons of CO2 emissions annuall
