The U.S. Department of Energyʼs Loan Programs Office has announced a conditional commitment for a loan of up to 7.54 billion dollars to StarPlus Energy. The loan will finance the construction of up to two lithium-ion battery cell and module manufacturing facilities in Kokomo, Indiana.
Annual capacity of 67 gigawatt-hours
StarPlus Energy is a joint venture between Stellantis subsidiary FCA US LLC and Samsung SDI. At full capacity, the plants could produce approximately 67 gigawatt-hours of batteries per year. According to Stellantis, the first plant is expected to be operational in early 2025 and the second in 2027.
Technical, legal and further conditions
The project aims to increase electric vehicle battery production capacity in North America and reduce dependence on foreign suppliers. Final loan approval is subject to the satisfaction of certain technical, legal, environmental, and financial conditions. The project will be financed under the Advanced Technology Vehicles Manufacturing Loan Program, which supports the manufacturing of advanced vehicle technologies in the United States.
