The latest official filing confirms that Samsung SDI (the battery manufacturing wing of Samsung Electronics) is all set to invest $1.97 billion to develop its second battery manufacturing plant in joint partnership with Stellantis N.V. in the US. This information comes from a filing about two months after both companies joined hands for their US venture.
StarPlus Energy, a joint venture between Samsung SDI and Stellantis, announced that both giants plan to build a second battery plant in Indiana, where they have their first factory. The $1.97 billion investment corresponds to Samsung SDI's 51% stake in the proposed project. The South Korean giant will invest over the period of April 2024 to November 2027, as per the filing.
The first battery manufacturing plant will begin operations in Q1 of 2025
If everything goes according to plan, as per Yonhap News Agency, the second battery manufacturing plant built in a joint partnership between Samsung SDI and Stellantis N.V. will go operational in 2027, with the initial production set to be 34-gigawatt hours (GWh) a year. The location of the new plant hasn't been decided yet.
Samsung SDI and Stellantis N.V. joined hands for the first time in October 2021 and announced their plan to set up their first battery manufacturing plant in Kokomo, Indiana, in May 2022. The first battery plant aims to have an annual production capacity of 33 GWh, up from the initial target of 23 GWh. Operations of the first battery plant of Samsung and Stellantis N.V. are all set to begin in Q1 of 2025.
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