3 sources·Business

US Commits $7.54 Billion Loan to Stellantis for EV Battery Plants in Indiana

The US Energy Department has pledged a $7.54 billion loan to Stellantis and Samsung SDI for two EV battery plants, creating thousands of jobs.

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Updated: Dec 2nd, 2024, 2:38 PM ET

Summary

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The U.S. Energy Department has announced a conditional commitment for a $7.54 billion loan to Stellantis and Samsung SDI, aimed at constructing two electric vehicle (EV) battery plants in Kokomo, Indiana. The StarPlus Energy venture is projected to create at least 2,800 jobs and will manufacture batteries capable of powering approximately 670,000 vehicles annually. This federal support is contingent upon the joint venture meeting specific requirements related to community engagement and technical compliance. The project's future is uncertain, pending the finalization of the loan before the inauguration of President-elect Donald Trump, who has opposed similar funding.

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US Commits $7.54 Billion Loan to Stellantis for EV Battery Plants in Indiana - Pano News