The state-of-the-art Spring Hill plant will use the most advanced and efficient battery cell manufacturing processes. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. More information on the company and its subsidiaries, includingOnStar, a global leader in vehicle safety and security services, can be found athttps://www.gm.com. During the pandemic, product development work on GM's future EV and AV portfolios continues to progress at a rapid pace. The Only 7 Battery Stocks That Matter | InvestorPlace The companies made the announcement on Tuesday and said that the new, 50-50 joint venture would be called "Ultium Cells LLC." In other words, Tesla cars use lithium batteries in order to power up their supercars which is why unlike other cars that require gasoline, Tesla requires no traditional fuel filters, spark plug replacements, or even emission checks. Ultium in April announced a second $2.3 billion U.S.-based battery factory in Spring Hill, Tennessee that is due to open in 2023. The Ultium cells produce 60% more energy capacity than GM's current battery cells, allowing for greater range with fewer cells, which also lowers cost. Industry: Dry cell batteries, single or multiple cell. The cells go into modules that then jointly power the vehicle inside the vehicle's base, or platform. Hiring is already underway as the Ultium Cells Spring Hill team continues to onboard key launch team members for the business. GM confirms $2.3 billion investment with LG in battery cell - Electrek GM showed how it's integrating new businesses and why it refused to spin off its EV business last year amid pressure from Wall Street. Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. Lithium Americas Corporation ended the 3Q with cash and, sh equivalents of roughly US$72 million, including an US$18 million drawn from its credit facilities to fund its Cauchari-Olaroz lithium brine project that is found in Argentina. GM and LG Energy Solution to build third Ultium Cells . We need technology-savvy people to fill roles across our organizationmanufacturing, administration, and more. 2 Colors. our sites and services. "The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future," said GM Chairman and CEO Mary Barra. Total Raised $2.5B Investors Count 1 Funding, Valuation & Revenue 1 Fundings Ultium Cells's latest funding round was a Loan for $2,500M on July 26, 2022. Copyright 2023 CB Information Services, Inc. All rights reserved. Ultium Cells will build the new plant on land leased from GM. The facility will be located in Spring Hill, Tennessee. From Green Power RSS Feed. The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors Co and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery . It showed how it's integrating new businesses and why it refused to spin off its EV business last year amid pressure from Wall Street. The Ultium platform that will be used in a broad range of EVs across its Cadillac, Buick, Chevrolet and GMC brands, as well as the Cruise Origin autonomous shuttle that was revealed in January. U.S. Department of Energy invested in Ultium Cells's Loan funding round. We call on the ingenuity of our people, the technology behind our ultium battery cell manufacturing and the strengths of LG Energy Solution and General Motors. The facility will be located in Spring Hill, Tennessee. Tesla operates a large Gigafactory in Nevada, manufacturing the thousands of cells that go into its vehicles, in partnership with Panasonic. LG Energy Solution's Advanced Automotive Battery leads the market with its outstanding technologies and products. How do we do this? Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS, supply its Hydrotec fuel cell power cubes, HUMMER EV SUV and the Chevrolet Silverado electric pickup truck, http://www.prnewswire.com/news-releases/gm-and-lg-energy-solution-investing-2-3-billion-in-2nd-ultium-cells-manufacturing-plant-in-us-301270646.html, GM's zero-emissions technology will extend to fuel cells as the company announced it will. Work for a growing company in a growing industry with opportunities to learn and advance. GM Says It Supports UAW Efforts to Organize Ultium Plants U.S. Department of Energy LP 101000 Independence Avenue, SWWashington D.C. 20585, New Factories in Ohio, Tennessee, and Michigan Will Create More than 11,000 Good-Paying Jobs and Reduce the Nations Reliance on Other Countries to Meet Increased Demand for Electric Vehicle Technologies, Today the Department of Energys Loan Programs Office (LPO) announced a conditional commitment to Ultium Cells LLC for a $2.5 billion loan to help finance the construction of new lithium-ion (Li-ion) battery cell manufacturing facilities in OH, TN, MI. Other start-up automakers such asAmazon-backedRivianas well as legacy automakers such asFord MotorandDaimlerhave announced plans to enter the segment. Ultium - Wikipedia Each site will have an average of four chargers per site. Ultium Cells Lansing Celebrates Completion of Steel Installation, Holds Topping Out Ceremony, Ultium Cells Welcomes Treasury Secretary Janet Yellen To Spring Hill, Statement from Ultium Cells on Ohio Union Vote, Ultium Cells LLC Announces Plans to Produce More Battery Cells Faster, Ultium Cells Job Applicant Privacy Statement. Energy options range from 50 to 200 kilowatt hours, which could enable a GM-estimated range up to 450miles or more on a full charge with 0-60 mph acceleration in 3 seconds1. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. GM Quick Quote. As Barra put it, the mission of the Tuesday keynote was to promote "confidence" in the automaker's strategy. Disclosure: No positions. " Ultium Cells LLC is the name of the General. This acts as gasoline for the car to run for a certain period of time. To create the specific rankings that will help you choose what to buy for the best lithium and battery stocks, we used hedge fund sentiment to measure the potential upside of these investment ideas and to predict the movement in the market. "The support of the state of Tennessee was an important factor in making this investment in Spring Hill possible and this type of support will be critical moving forward as we continue to take steps to transition our manufacturing footprint to support EV production. The fund's top hedge fund holder was Robert Karr's Joho Capital which had more than $26 million invested in the stock at the end of September. The van, called EV600, will be the second product. Construction has started with ground prep activities for the future site of the Ultium battery cell manufacturing facility in Lordstown. The partners are Blink Charging (NASDAQ:BLNK), ChargePoint Holdings (NYSE:CHPT), EV Connect, FLO, Greenlots, SemaConnect and EVgo, which is going public through a SPAC merger with Climate Change Crisis Real Impact I Acquisition Corp (NYSE:CLII). Top 11 Lithium and Battery Stocks to Buy Now - Yahoo! QuantumScape ( NYSE:QS ) $4.4 billion. The company also had US$184 million in undrawn credit. The Cadillac model resembled the Origin, a shared autonomous shuttle unveiled last year by Cruise, GM's majority-owned self-driving vehicle subsidiary. These two exchanges are responsible for the majority of the North American and worldwide stock trading. CBI websites generally use certain cookies to enable better interactions with. For example, since March 2017, our monthly newsletter's portfolio of stock picks has beaten the market by more than 66 percentage points (, Lithium Americas Corporation is focused on developing the Thacker Pass project (. By clicking Sign up, you agree to receive marketing emails from Insider The General. EnerSys is one of the stored energy solutions for industrial applications. "BrightDrop is a new business from GM that reimagines commercial delivery and logistics for an all-electric future," Barra said. The new venture which . GM also previewed several unnamed EVs in the background as part of the presentation, including at least one Chevrolet crossover, two Cadillacs and two Buicks. Get this delivered to your inbox, and more info about our products and services. Lithium cells can produce voltages from around 1.5V (comparable to a zinc-carbon or alkaline battery) to around 3.7V, depending on the design and chemical compounds that were used in the battery. The General Motors . The company also had US$184 million in undrawn credit. Battery cell production at the 2.8 million-square-foot facility will begin in late 2023. Ultium Cells started construction on a battery cell plant near Spring Hill to take over providing the batteries for the Lyriq when it starts running later next year. With 30 years of experience in revolutionary battery technology and extensive research and development (R&D), the company is the top battery-related patent holder in the world with over 25,000 patents. Home to the world's first EV battery lineup, we provide the best battery solutions for EVs worldwide. "We believe investors should prepare for a profound narrative change at GM put into action in 2021," Morgan Stanley analyst Adam Jonas wrote in a note to investors Tuesday. On the other hand, there is also a steady increase in the demand for smartphones with unstoppable development in the phone industry. GM and LG Energy Solution Investing $2.3 Billion in 2nd Ultium Cells Morgan Stanley analyst Adam Jonas notes that GM's EV business plus the stake in its battery joint venture with LG, called Ultium Cells LLC, could propel the stock higher. With shares up 25% so far this year, the average analyst price target of $63.67 suggests additional 23% upside potential lies ahead over the coming year. To help its goal of launching 30 electric vehicles globally by the end of 2025, General Motors Company (NYSE:GM) launched a new charging infrastructure plan Wednesday. GMis collaborating with seven charging network companies with over 60,000 charging plugs available to its customers. December 12, 2022. Lithium Americas Corporation is focused on developing the Thacker Pass project (Which is set to be the largest lithium deposit in the US, with an expected mine life of 46 years). 5 Best Lithium and Battery Stocks to Buy Today - Insider Monkey The company established its first research facility in the U.S. in the early 2000s. Ultium Cells is committed to using the most technologically advanced methods in the industry to produce the very best of those battery cells, now and for generations to come. U.S. Department of Energy Announces $2.5 Billion Loan to Ultium Cells Altium Limited (ALU.AX) Stock Price, News, Quote & History - Yahoo!