6K receives conditional loan commitment of up to $250 million for Tennessee cathode plant
The Office of Strategic Capital commitment would support 6K’s PlusCAM facility in Jackson, Tennessee, subject to approvals, appropriations and other conditions.
6K has received a conditional loan commitment of up to $250 million from the U.S. Department of War through its Office of Strategic Capital. Announced on November 5, the financing would support construction and development of the company’s PlusCAM cathode materials facility in Jackson, Tennessee. Finalization and disbursement depend on government authorizations, available appropriations, due diligence and financial, legal, technical and regulatory conditions.
The facility is intended to expand domestic production of cathode materials for batteries used in defense, drones, robotics, mobility and energy storage. 6K’s UniMelt process uses microwave plasma to synthesize materials without traditional cathode precursors, including from alternative and recycled feedstocks. The company expects the plant to support more than 200 jobs.
Use of funds
Develop and construct the PlusCAM cathode materials facility in Jackson, Tennessee