On Thursday (Feb 22), the US Energy Department announced preliminary approval for nearly $710 million in loans toward electric vehicle (EV) technology manufacturing endeavors. Despite this allocation, the Biden administration still has $221.8 billion in loan capacity available for funding clean-energy projects.
SK Siltron, a South Korean company, is slated to receive $544 million to enhance a plant in Bay City, Michigan, which manufactures high-power silicon carbide wafers utilized in electric vehicles. These components are integral to EV drivetrains, including inverters, and electrical distribution systems, according to the department.
The expansion of the plant could potentially generate approximately 200 jobs each in the construction and production sectors, as per the department’s statement.
SK Siltron CSS CEO Jianwei Dong emphasized, “This project marks a significant stride in fortifying a resilient and robust supply chain in the US, and we take pride in enhancing domestic semiconductor manufacturing.”
President Joe Biden visited the Bay City factory in November 2022, highlighting its role in producing materials for chips that power a myriad of devices including “smartphones, washing machines, hospital equipment, automobiles – just to name a few.”
In a separate development, American Battery Solutions received conditional approval for a $165.9 million loan to expand its EV battery pack assembly operations in Springboro, Ohio, and Lake Orion, Michigan. These expansions have the potential to create employment opportunities for up to 460 individuals across both facilities.
