Startup 6K receives conditional approval for $250 million loan to build battery plant

The U.S. Department of Defense has conditionally approved a $250 million loan for Massachusetts-based startup 6K to construct a battery materials plant in Tennessee, ua.news reports citing TechCrunch ua.newsua.newsua.newsOpen source ↗. Founded 12 years ago, the North Andover company focuses on manufacturing components for energy storage devices independently of foreign supply chains ua.newsua.newsua.newsOpen source ↗.

According to the developers, the facility will use microwave heating technology to turn metals into plasma, subsequently depositing the material directly onto a surface ua.newsua.newsua.newsOpen source ↗. This method reportedly simplifies the production cycle by reducing the required stages for cathode material synthesis, a primary element in battery cell manufacturing ua.newsua.newsua.newsOpen source ↗.

The company stated that its technological process is adaptable for multiple cell chemistries, including lithium iron phosphate (LFP) formulations ua.newsua.newsua.newsOpen source ↗. The production facility was originally scheduled to open in 2024, but earlier financial delays and market factors forced schedule adjustments ua.newsua.newsua.newsOpen source ↗.