We advised BlueOval SK and Ford on the historic loan

Davis Polk advised BlueOval SK, as the borrower, and Ford Motor Company, as a joint venture partner, on a $9.6 billion project financing from the United States Department of Energy under its Advanced Technology Vehicles Manufacturing Loan Program. The loan is funding the construction of three electric vehicle battery manufacturing plants located in Tennessee and Kentucky.

BlueOval SK is a joint venture between Ford and SK On, a global Korean EV battery manufacturer, created to produce advanced batteries for future Ford and Lincoln vehicles. The three facilities are expected to create 7,500 jobs at full capacity.

The Davis Polk real estate team included counsel Susan D. Kennedy and J. Avelina Burbridge and associates Paulina P. Lerner, Benjamin Montgomery and Alison Wulfe. The finance team included partners Meyer C. Dworkin and Phoebe Jin and associate Owen Daly. Partner Ethan R. Goldman provided tax advice. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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