US resurrects green energy loan program that helped put Tesla on the map
The Department of Energy’s Advanced Technology Vehicles Manufacturing program, which famously helped put Tesla on the map, is set to hand out its first loan in over a decade. The department will announce a $2.5 billion loan to a joint venture of General Motors and LG Energy Solution to help fund the construction of a new lithium-ion battery manufacturing facility, the company confirmed. (The news was first reported by Reuters.)
The Advanced Technology Vehicles Manufacturing program, or ATVM has attained almost mythical status in the EV startup world thanks to its timely $465 million loan to Tesla, which is credited with helping save the company from an early death. Since then, a number of cash-strapped EV startups have also requested...