Korea’s SK Siltron receives $544 mn loan from DOE for wafer investment

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Korea’s SK Siltron receives $544 mn loan from DOE for wafer investment - Korea Economic Daily

Quick Summary:

The DOE, which gave conditional approval in February, has also made the loan official through its Loan Program Office (LPO) blog.The loan – $481.5 million of principal and $62.5 million of capitalized interest – is part of the Biden administration’s “Investing in America” agenda that supports the onshoring and re-shoring of domestic manufacturing technologies critical to meeting the US government’s goal that half of all new vehicles sold in 2030 are zero-emissions vehicles.

South Korea’s SK Siltron Co.has secured a $544 million loan from the US Department of Energy (DOE) to invest in a high-quality silicon carbide (SiC) wafer manufacturing facility in Bay City, Michigan.

SK CHAIR CHEY TAE-WON WELCOMES THE DOE MOVESK Siltron, 51% owned by the parent group's holding company SK Inc., bought the Bay City, Auburn plant from US industrial materials maker DuPont for $450 million in 2020.