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Home | Green Cars News | Markets & Finance | NIssan Gets $1.6bn in Loans from the DOE to build EVs, Lithium-Ion Batteries

NIssan Gets $1.6bn in Loans from the DOE to build EVs, Lithium-Ion Batteries

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Nissan North America, Inc. (NNA) has been conditionally approved by the U.S. DOE for a $1.6 billion loan to modify its Smyrna, Tenn., manufacturing plant to produce electric vehicles and lithium-ion battery packs to power them.

The loan, announced by the U.S. Department of Energy, is among the first three loans under the Advanced Technology Vehicles Manufacturing Loan Program (ATVMLP), a $25-billion program authorized by Congress under Section 136 of the Energy Independence and Security Act of 2007. The loan will help Nissan produce electric vehicles, which emit no gases and are powered only by electricity.

Construction at
Smyrna is scheduled to begin by the end of this year, after an environmental assessment is completed. Production is planned to start in late 2012.

Nissan is committed to being a leader in zero-emissions mobility. It will offer electric vehicles in the
United States and Japan beginning in 2010. The first vehicles for the U.S. market will be built in Japan before production is shifted to Smyrna.

The modifications of the
Smyrna manufacturing plant include a new battery plant and changes in the existing structure for electric-vehicle assembly. When fully operational, the vehicle assembly plant will have the capacity to build 150,000 electric vehicles a year and the new plant will have an annual capacity of 200,000 batteries.

Nissan said its electric vehicle will be affordable and will comfortably seat five people, drive on any American road or highway and have an initial range of 100 miles before recharging.

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