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

baua

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


“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.

  • Published On Jul 10, 2024 at 10:41 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETAuto App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App


Report: Musk tells Tesla 4680 battery team, fix them or we’re done

Tesla still hasn’t solves its issues with the large-format 4680 battery cells Elon Musk reportedly…

It’s official: Mahindra Thar Roxx name confirmed, launch on…

Mahindra Thar Roxx will be offered with a petrol and a diesel engine that will…

Citroen Basalt coupe SUV interior teased in new teaser video, launch next month

By: HT Auto Desk | Updated on: 20 Jul 2024, 14:29 PM Citroen India has…