6K announced a conditional federal loan commitment of up to $250 million on November 5 to help build its delayed battery-materials factory in Jackson, Tennessee. The Department of War’s Office of Strategic Capital would finance construction and development of the PlusCAM plant.
At the June 2023 groundbreaking, 6K scheduled the factory’s opening for 2024. By April 2026, the company was targeting an early-2028 startup.
Privately held 6K, based in North Andover, Massachusetts, produces cathode materials used in lithium-ion batteries. It says its UniMelt microwave-plasma process converts feedstocks into cathode powders without the separate precursor-processing stage used in conventional production.
The loan remains subject to government authorizations, available appropriations, due diligence and financial, technical and regulatory conditions before any money can be disbursed. Defense Daily reported that 6K must provide a matching investment and that the government is not taking an equity stake.
6K previously closed $82 million in the first close of its Series E in September 2024. That investment, led by existing backers, supported expansion of both battery-cathode production and metal powders for additive manufacturing.
In April, 6K Energy said it was already supplying defense manufacturer CRG Defense with NMC811 cathode material from North Andover under a seven-year agreement that includes a quarterly purchase plan. The companies said the Jackson factory would meet CRG’s expected growth needs.