DOE, Nissan finalize $1.4bn Tennessee electric car plant loan

The US Energy Department has closed a $1.4bn loan agreement with Nissan North America that it will use to retool a Tennessee plant for production of advanced electric automobiles and an advanced battery manufacturing facility. Terms were not released.

Nissan says the loan enables production of the zero-emissions electric Leaf car and lithium-ion battery backs to power it at the Smyrna facility, outside Nashville. About 1,300 American jobs will be created by the two projects, according to Energy Secretary Steven Chu.

“This is an investment in our clean energy future. It will bring the United States closer to reducing our dependence on foreign oil and help lower carbon pollution,”he says. “We are committed to making strides to revitalize the American auto industry and supporting the development of clean energy…

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