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Energy Dept. Lending Over $2B For GM Joint Venture

(CNN) - The United States Department of Energy plans to lend $2.5 billion to a joint venture between General Motors and South Korea-based LG Energy Solution.

It would go toward the construction of lithium-ion battery cell plants in Ohio, Tennessee, and Michigan.

The loan is part of the Biden Administration's plan to jump-start the electric car market.

The conditional loan commitment to Ultium Cells is expected to close in the coming months.

It comes from the U.S. government's Advanced Technology Vehicles Manufacturing Loan Program.

This is the program's first new loan since 2010.

The joint venture says the three battery plants are expected to create more than $5,000 jobs.

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