The U.S. Department of Energy has finally approved a policy support fund loan worth 14 trillion won to Blue Oval SK, a battery production joint venture between SK On of Korea and Ford Motor of the U.S.
The Ministry of Energy announced that it has finally approved a $9.63 billion and 13.8 trillion won worth of policy financing to Blue Oval SK under its high-tech vehicle manufacturing program.
The loan is larger than $9.2 billion when conditional approval was granted in June last year and is the largest among the Biden administration's EV-related lending programs.
Blue Oval SK has invested a total of $11 billion and more than 15.8 trillion won to build three plants in Kentucky and Tennessee, and the approval of the loan is expected to keep battery production plants in the U.S. going as planned.
The Energy Department has recently announced loan support to Samsung SDI and Stellatis' battery joint venture and U.S. electric vehicle maker Rivian, speeding up support to encourage electric vehicle production at the end of the Biden administration.
However, Trump's transition team, which is negative about the EV tax credit, is critical of President Biden's last-minute subsidies and loan support, saying it could amount to a breach of trust.
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