Pentagon offers battery startup 6K $250M loan to build U.S. factory
The Pentagon has conditionally approved a $250 million loan to help 6K scale up its microwave-plasma battery material manufacturing process.
The Pentagon has offered a 6K $250 million loan to a battery startup based in North Andover, Massachusetts, to build a factory in Tennessee. The company aims to produce battery materials using a unique microwave-powered process that doesn't rely on Chinese suppliers. The Department of Energy had previously granted the startup $50 million, which was later canceled by the Trump administration.
This forced 6K to reapply for the loan. The factory's opening was initially planned for 2024, but uncertainties in the EV market led to a change in the timeline. The company's innovative manufacturing process involves heating metals into a plasma using microwaves and depositing them onto a surface, reducing the number of steps needed to create cathode material, a crucial battery component. This process can be applied to various battery types, such as lithium iron phosphate (LFP).
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