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Electric car battery loans from U.S. government

WASHINGTON, D.C. (CNN) - The U.S. Department of Energy’s Loan Programs Office announced that it is issuing a $2.5 billion loan to help start three lithium battery manufacturing hubs in Ohio, Tennessee and Michigan.

In addition, the DOE Loan Programs Office will loan the money to Ultium Cells LLC, a joint venture of General Motors and South Korean battery manufacturer LG Energy Solutions, making batteries to power electric vehicles.

LG Energy Solutions will also partner with Japanese automaker Honda on a $3.5 billion joint venture battery factory in southern Ohio.

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Dodge Landesman

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