ENTEK gets conditional USD 1.2 bn US loan for EV battery separator plant

admin admin | 07-10 16:20

"There has never been a more exciting time to be a manufacturer in the battery industry," ENTEK CEO Larry Keith said in a release.
The U.S. Department of Energy's loans office said on Tuesday it issued a conditional loan of up to USD 1.2 billion to ENTEK Lithium Separators LLC to finance a plant in Indiana for making lithium-ion battery separators used mostly in electric vehicles.

Battery separators play a key role in the performance and safety of lithium-ion batteries.

Based on current factors chosen by battery cell manufacturers, the project will support roughly 1.9 million mid-size EVs or 1.3 million electric sports utility vehicles, ENTEK said in a release. The project, in Terre Haute, Indiana is expected to create more than 760 construction jobs and 635 operational jobs, it said.

"There has never been a more exciting time to be a manufacturer in the battery industry," ENTEK CEO Larry Keith said in a release.

If finalized, the loan would be offered through the Advanced Technology Vehicles Manufacturing Loan Program, which provides loans to support U.S. manufacturing of advanced technology vehicles, qualifying components, and materials that improve fuel economy.

The separators produced at the plant will be able to accommodate all existing lithium-ion EV battery chemistries, the LPO said. ENTEK will also be able to sell its separators to manufacturers of lithium-ion batteries for energy storage applications.

The Department of Energy's Loan Programs Office said the conditional loan supports President Joe Biden's "comprehensive strategy to build a safer, more sustainable transportation system and slash all greenhouse emissions from the transportation sector by 2050."

ENTEK must satisfy technical, legal, environmental, and financial conditions before the LPO enters into definitive financing documents and funds the loan.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


Volkswagen is reeling in China; Can EVs help it grow in the US?

But in the near term, Volkswagen CFO Arno Antlitz told Reuters the company expects to continue losin...

auto | 10 hours ago

2024 Budget: Sitharaman almost halves FAME allocation, no GST relief for EV industry

Nirmala SitharamanFinance Minister Nirmala Sitharaman has almost halved the allocation for the FAME ...

auto | 10 hours ago

Budget 2024-25: 'Critical Mineral Mission' to boost EV battery production

In the interim budget, the Finance Minister had hinted about the GoI’s strategy to promote energy se...

auto | 10 hours ago

Budget 2024-25: FM Nirmala Sitharaman unveils comprehensive employment and skilling initiatives

A new centrally sponsored skilling scheme will skill 20 lakh youth over five years. Union Budget 202...

auto | 10 hours ago

Budget 2024-25: Auto Inc. applauds policy continuation, skilling focus, but awaits more Govt commitment on EVs

Finance Minister Nirmala SitharamanUnion Budget 2024-25: With a focus on nine key areas, Finance Min...

auto | 10 hours ago

EV sector gets no direct benefits in the Budget, FAME III yet to be finalised

In various pre-Budget discussions with industry representatives, officials of the ministry of heavy ...

auto | 10 hours ago