As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy’s Loan Programs announced Monday the closing of a direct loan of up to $9.63 billion to BlueOval SK to bolster its construction of three electric vehicle battery plants in Tennessee and Kentucky.

BlueOval SK’s three plants are expected to create a total of approximately 5,000 constructions jobs in Tennessee and Kentucky, as well as 7,500 operations jobs once the plants are up and running.

BlueOval SK is a joint venture between Ford Motor Co. and South Korean battery maker SK On. The three plants will produce batteries for Ford Motor Co.'s future Ford and Lincoln electric vehicles.

Following a recently announced production delay, customer deliveries of the new EV truck model will begin in 2027, while BlueOval SK in Tennessee will start production of battery cells for a new van starting in late 2025