The company responsible for a controversial electric vehicle battery plant in Michigan is registered under U.S. law as a foreign entity, filings show.
While the energy company Gotion, Inc. is based out of Fremont, Calif., Foreign Agents Registration Act documents filed by the corporation earlier this year show that it “is wholly owned and controlled” by Gotion High-Tech, which is based out of Hefei, a city in eastern China.
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The U.S. Department of Energy (DOE) on Thursday announced a conditional loan of up to $9.2 billion to a joint electric vehicle venture between Ford and Korean battery maker SK On.
When combined with state subsidies offered to the joint venture, known as BlueOval SK, the record-breaking loan means that taxpayers will be financing nearly the entire $11.4 billion investment by Ford and SK, according to Blomberg. The loan is the latest in a series of increasingly large offers from the DOE’s Loan Program Office (LPO), which had its lending authority surge to $400 billion — more than 10 times the $33 billion it has issued since 2009 —following the passage of President Joe Biden’s signature climate law, the Inflation Reduction Act.
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