The Department of Energy closed a $544 million loan this week for a proposed facility in Michigan that will produce materials to reduce charging times for electric vehicles, aiming to address a central barrier for the technology.
DOE finalized the loan for SK Siltron CSS to build a new plant in Bay City in the midwest part of the state near Saginaw Bay. The plant will be one of the top five global manufacturers of silicon carbide wafers, which can reduce EV charging times by 75 percent when used in semiconductors, according to the company, which is a part of the South Korean conglomerate SK Group.
SK Siltron CSS says the technology also can help increase EV driving ranges by 7.5 percent compared with traditional silicon wafers.
“The market for EV vehicles continues to grow, with new models expected to enter the market soon that depend on silicon carbide wafers to power them,” said Seungho Pi, CEO of SK Siltron CSS, in a news release. “This is a critical market to the US economy, and we are excited to be at the forefront of the industry.”
