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[Alpha Biz=(Chicago) Reporter Kim Jisun] SK On and Blue Oval SK, a joint venture for battery production of Ford Motor Co. in the U.S., have temporarily secured up to $9.2 billion (about 11.8 trillion won) in policy support funds from the U.S. Department of Energy.
Blue Oval SK is expected to have a stronger production base in the United States with this funding.
SK On announced on the 22nd that Blue Oval SK received conditional approval for a $ 9.2 billion policy loan in accordance with the Department of Energy's Advanced Technology Vehicle Manufacturing (ATVM) program. The main contract will be concluded as early as the end of this year.
The $ 9.2 billion temporarily secured by Blue Oval SK is the largest financial support ever.
The ATVM program borrowing rate received by Blue Oval SK is subject to the US government bond interest rate level. At the conclusion of this contract, it will be possible to borrow at a low interest rate of 10-year U.S. government bonds.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
