The Energy Department’s Loan Programs Office is planning to provide a direct loan of up to $670.6 million to help manufacture a key safety component for electric vehicle batteries.
The conditional commitment for the loan would expand electric vehicle thermal barrier manufacturing capacity in North America and expand the supply chain for electric vehicles in the U.S.
The once-dormant loan office has expanded under the Biden administration but faces an unclear future depending on the outcome of the November election.
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If finalized, the loan to Aspen Aerogels Georgia will help finance the construction of a manufacturing facility in Register, Georgia.
