The loan to
The money is expected to enable the plant to produce enough graphite-based “active anode material” for about 2.5 million electric vehicles by 2040, “saving an estimated 970 million gallons of gasoline,” according to a department blog post.
It would reactivate a program last used more than a decade ago during the Obama administration to lend money to auto makers and would be the program’s first use for a supply chain project, the department said. It said previous Advanced Technology Vehicles Manufacturing loans went to
“Importantly, this project also provides a socially and environmentally responsible
Syrah’s plant is in
The federal loan will create 98 permanent and 150 construction jobs, the
“Several steps remain, and certain conditions must be satisfied before the Department issues a final loan,” the blog post said. It did not say what those are.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source