Stellantis and Samsung Secure $7.54 Billion Loan for EV Battery Plants
The U.S. government has approved a €6.80 billion loan for StarPlus Energy, a Stellantis and Samsung SDI joint venture. This investment will fund two lithium-ion battery factories in Kokomo, Indiana.
Thousands of New Jobs and Community Support
These plants will generate 2,800 direct jobs and hundreds more in the supplier network. StarPlus Energy also plans a Community Benefits Plan. The goal is to ensure workers receive fair pay and support for the local community.
Massive Battery Production to Power EVs
Once fully operational, the plants will produce 67 gigawatt-hours of battery power annually. This is enough to power 670,000 electric vehicles each year. These batteries will drive Stellantis’ ambitious plans for electric vehicle production.
Opening Timeline for the New Plants
The first factory will open in early 2025, with the second plant expected by 2027. This project will play a key role in advancing the electric vehicle revolution, even as the country faces a presidential transition.
A Boost for Sustainability and Local Economy
This initiative underscores a commitment to green energy and economic growth. It represents a step toward a cleaner future with renewable energy and sustainable transportation.
The Stellantis and Samsung collaboration is a game-changer for the EV market and Indiana’s economy. This transformative project sets the stage for a greener, electrified future.