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Researched by Industrial Info Resources (Sugar Land, Texas)--KORE Power (Coeur d'Alene, Idaho) said Friday it has received an $850 million loan through the U.S. Department of Energy's (DOE) Advanced Technology Vehicles Manufacturing (ATVM) Loan Program to fund the construction of the company's lithium-ion battery-manufacturing plant in Arizona, marking the latest in a series of loans doled out through the program--which aims to support the Biden administration's efforts to boost domestic production of batteries and critical minerals that are key to clean-energy technologies such as electric vehicles (EVs).
The ATVM program was initially created as part of a bipartisan 2007 energy bill signed into law by President George W. Bush, but two recently passed federal laws modified the program. The Bipartisan Infrastructure Law expanded the eligibility to include other modes of transportation, such as certain medium- and heavy-duty vehicles, and the Inflation Reduction Act removed the $25 billion cap on the program's loan authority and appropriated $3 billion in subsidies to support the loans.
KORE Power's KOREplex facility in Buckeye, Arizona, will house production lines to manufacture batteries for EVs and energy-storage systems in the United States. According to a press release announcing the loan, when its initial lines are fully operational, the plant will have an annual production capacity of 6 gigawatt-hours of battery cells--with the ability to further increase annual domestic production based on demand for lithium-ion batteries. KORE Power said it expects the facility to begin delivering products by the end of 2024 or early 2025. Subscribers to Industrial Info's Global Market Intelligence Industrial Manufacturing Project Database can click here to read a detailed project report.
In December of last year, the DOE announced the closing of a $2.5 billion ATVM program loan to Ultium Cells, LLC--a joint venture between General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) and LG Energy Solution Limited (LGES), a subsidiary of LG Chem Limited (Seoul, South Korea)--to help finance the construction of three new lithium-ion battery cell-manufacturing facilities in Ohio, Tennessee and Michigan. The Ohio facility is complete, and production is underway, while construction of the Spring Hill, Tennessee, and Lansing, Michigan, plants are expected to wrap up in 2024 and 2025, respectively. Subscribers can click here to read related project reports. For more information, see Industrial Info's August 1, 2022, article - GM EV Battery Joint Venture to Receive $2.5 Billion DOE Loan.
It's not just EV battery-production projects that are receiving loans through the ATVM program: critical mineral-mining and battery-recycling operations are also a key cog in domestic battery production. In February, the DOE announced a conditional commitment to Li-Cycle Holdings (NYSE:LICY) (Toronto, Ontario) for a $375 million loan to help finance construction of its hydrometallurgical refinery hub in Rochester, New York, which is designed to process 35,000 tons per year of "black mass," or dismantled and shredded battery material (equivalent to approximately 225,000 EVs per year), into cobalt, nickel and copper sulphates, among other EV battery materials. Commissioning is expected in late 2023. According to Li-Cycle, when fully operational, the hub is expected to deliver annual production of up to 8,500 tonnes of lithium carbonate, 48,000 tonnes of nickel sulphate, and 7,500 tonnes of cobalt sulphate. Last year, the company announced it had signed a 10-year offtake agreement with LG Chem and LG Energy Solution for an initial 20,000 tonnes of nickel sulfate from the Rochester facility. Subscribers to the GMI Metals & Minerals Project Database can click here for a project report.
Among the other projects to recently receive an ATVM loan (of up to $700 million) is ioneer Limited's (Sydney, New South Wales) Rhyolite Ridge Lithium-Boron Project in Silverpeak, Nevada, which could be the second operational lithium mine in the U.S. The project features three lithium offtake agreements, most notably with Ford Motor Company (NYSE:F) (Dearborn, Michigan), who will use the lithium carbonate to produce EV batteries. In April, ioneer said the site held as much as 168% more lithium and 18% more boron than previously reported. Company officials have said they hope to commence construction sometime in the first quarter of 2024, pending the completion of federal environmental approvals. Subscribers can click here for related project reports. For more information, see Industrial Info's January 18, 2023, article - Rhyolite Ridge Lithium Project in Nevada Receives Conditional DOE Loan.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
The ATVM program was initially created as part of a bipartisan 2007 energy bill signed into law by President George W. Bush, but two recently passed federal laws modified the program. The Bipartisan Infrastructure Law expanded the eligibility to include other modes of transportation, such as certain medium- and heavy-duty vehicles, and the Inflation Reduction Act removed the $25 billion cap on the program's loan authority and appropriated $3 billion in subsidies to support the loans.
KORE Power's KOREplex facility in Buckeye, Arizona, will house production lines to manufacture batteries for EVs and energy-storage systems in the United States. According to a press release announcing the loan, when its initial lines are fully operational, the plant will have an annual production capacity of 6 gigawatt-hours of battery cells--with the ability to further increase annual domestic production based on demand for lithium-ion batteries. KORE Power said it expects the facility to begin delivering products by the end of 2024 or early 2025. Subscribers to Industrial Info's Global Market Intelligence Industrial Manufacturing Project Database can click here to read a detailed project report.
In December of last year, the DOE announced the closing of a $2.5 billion ATVM program loan to Ultium Cells, LLC--a joint venture between General Motors Company (NYSE:GM) (GM) (Detroit, Michigan) and LG Energy Solution Limited (LGES), a subsidiary of LG Chem Limited (Seoul, South Korea)--to help finance the construction of three new lithium-ion battery cell-manufacturing facilities in Ohio, Tennessee and Michigan. The Ohio facility is complete, and production is underway, while construction of the Spring Hill, Tennessee, and Lansing, Michigan, plants are expected to wrap up in 2024 and 2025, respectively. Subscribers can click here to read related project reports. For more information, see Industrial Info's August 1, 2022, article - GM EV Battery Joint Venture to Receive $2.5 Billion DOE Loan.
It's not just EV battery-production projects that are receiving loans through the ATVM program: critical mineral-mining and battery-recycling operations are also a key cog in domestic battery production. In February, the DOE announced a conditional commitment to Li-Cycle Holdings (NYSE:LICY) (Toronto, Ontario) for a $375 million loan to help finance construction of its hydrometallurgical refinery hub in Rochester, New York, which is designed to process 35,000 tons per year of "black mass," or dismantled and shredded battery material (equivalent to approximately 225,000 EVs per year), into cobalt, nickel and copper sulphates, among other EV battery materials. Commissioning is expected in late 2023. According to Li-Cycle, when fully operational, the hub is expected to deliver annual production of up to 8,500 tonnes of lithium carbonate, 48,000 tonnes of nickel sulphate, and 7,500 tonnes of cobalt sulphate. Last year, the company announced it had signed a 10-year offtake agreement with LG Chem and LG Energy Solution for an initial 20,000 tonnes of nickel sulfate from the Rochester facility. Subscribers to the GMI Metals & Minerals Project Database can click here for a project report.
Among the other projects to recently receive an ATVM loan (of up to $700 million) is ioneer Limited's (Sydney, New South Wales) Rhyolite Ridge Lithium-Boron Project in Silverpeak, Nevada, which could be the second operational lithium mine in the U.S. The project features three lithium offtake agreements, most notably with Ford Motor Company (NYSE:F) (Dearborn, Michigan), who will use the lithium carbonate to produce EV batteries. In April, ioneer said the site held as much as 168% more lithium and 18% more boron than previously reported. Company officials have said they hope to commence construction sometime in the first quarter of 2024, pending the completion of federal environmental approvals. Subscribers can click here for related project reports. For more information, see Industrial Info's January 18, 2023, article - Rhyolite Ridge Lithium Project in Nevada Receives Conditional DOE Loan.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
