South Korean electric vehicle (EV) battery manufacturer Samsung SDI has committed to invest US$2bn in the second battery manufacturing plant it has agreed to build with Stellantis, the company disclosed in a stock exchange filing this week.
StarPlus Energy, their US battery joint venture established in 2021, announced in July plans to build a second battery plant in Indiana with a capacity for 34GWh a year from 2027. This supplements the plant currently under construction in Kokomo, also in the state, scheduled to be completed early in 2025 with capacity of 33GWh.
Investment in the second plant is scheduled to be disbursed between April 2024 and 2027 according to the filing, and is proportionate with Samsung SDI’s 51% stake in the JV.
Plant location has yet to be disclosed.
The two factories combined will have capacity for 67GWh of batteries per year, enough to power 1m EVs.
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They will help Stellantis’ EVs qualify for tax credits under the US’ Inflation Reduction Act.