Energizing the Future: Stellantis and Samsung's Battery Venture

The U.S. Energy Department is proposing a $7.54 billion loan to a joint venture between Stellantis and Samsung SDI for building two electric vehicle battery plants in Indiana. This initiative aims to produce 67 GWh of lithium-ion batteries annually, supporting approximately 670,000 vehicles.

The U.S. Energy Department announced its proposal to extend a $7.54 billion loan to a collaboration between automaker Stellantis and Samsung SDI. This funding is aimed at establishing two electric vehicle lithium-ion battery plants in Indiana.

The conditional commitment includes $6.85 billion in principal and $688 million in capitalized interest for the StarPlus Energy joint venture. This initiative is set to bolster battery production for Stellantis's electric vehicles, with the plants anticipated to generate an impressive 67 GWh of batteries annually.

Once fully operational, the output from these plants will be sufficient to power approximately 670,000 vehicles each year, marking a significant step in the electric vehicle sector's growth.

(With inputs from agencies.)