Energy has closed a $1.4 billion loan agreement with Nissan
The U.S. Department of Energy has closed a $1.4 billion loan agreement with Nissan North America,Inc.which means the automaker will be creating up to 1,300 jobs in Tennessee to make the all-electric Leaf and lithium-ion battery packs to power them.
Secretary of Energy Steven Chu said the previously announced loan transaction was issued as part of the Advanced Technology Vehicles Manufacturing Loan Program.Congress authorized that $25 billion program as part of the Energy Independence and Security Act of 2007.Scott Becker,Nissan NA senior vice president,said in the agency's Thursday statement that the loan will bring production of the Leaf to Tennessee.
Modification of the Smyrna plant will begin later this year,which includes a new battery plant and changes to accommodate electric-vehicle assembly.