US provides loans totaling $710 million for initiatives involving electric car technology
The U.S. Department of Energy said on Thursday that it has tentatively authorized loans totaling around $710 million for the production of electric vehicle (EV) technologies. Nevertheless, the government still has $221.8 billion available for loans to finance sustainable energy projects.
The head of the Energy Department’s credit programs office, Jigar Shah, told Reuters in Detroit that «very sophisticated players» have submitted funding requests totaling $80 billion to his agency in the last two months.
The bigger of the two first loan pledges made public on Thursday was for SK Siltron’s business in South Korea. The company may get $544 million to expand its Bay City, Michigan, facility, which makes high-power silicon carbide electronic components for use in electric cars.
