The US Energy Department has given preliminary approval for nearly USD 710 million in loans for EV technology manufacturing ventures.
As part of this, SK Siltron CSS, a South Korean company, will receive USD 544 million to expand a plant in Michigan that produces high-power silicon carbide wafers used in EV drivetrains, including inverters and electrical distribution systems.
Furthermore, American Battery Solutions received conditional approval for a USD 165.9 million loan to expand its EV battery pack assembly operations in Ohio and Michigan.
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