Stellantis and Samsung secure $7.54 billion EV battery plant loan

The US government is throwing its weight behind the electric vehicle revolution, granting a hefty $7.54 billion loan to StarPlus Energy LLC, a joint venture between Stellantis and Samsung SDI. This massive investment will fuel the construction of two lithium-ion battery plants in Kokomo, Indiana.

The new factories will create an estimated 2,800 new positions at the plants themselves and hundreds more in the surrounding supplier network. This project is literally an economic engine for the region. On top of the new jobs, StarPlus Energy is committed to a Community Benefits Plan, working with local leaders to ensure these are well-paying positions that contribute to the community's well-being.

Once at full capacity, these plants will produce a staggering 67 gigawatt-hours of battery power annually. To put that in perspective, that's enough to supply around 670,000 electric vehicles each year. This influx of batteries will feed directly into Stellantis' ambitious EV production plans.

The first factory will open its doors in early 2025, with the second following close behind in 2027. While the looming presidential transition adds a touch of uncertainty to the timeline, the Department of Energy is committed to seeing this project through.

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