A Stellantis joint venture with Samsung SDI has won a commitment from the U.S. government for up to a $7.54 billion loan to help build two electric vehicle battery plants in Kokomo, Indiana, reported The Associated Press.
The AP said that the project would be built by StarPlus Energy LLC and is expected to create at least 2,800 jobs at the plants and hundreds more at a nearby park for parts supply companies, the Energy Department said Monday in a statement.
“The loan still must be finalized, but the government said the commitment shows its intent to finance the project. To get the loan, StarPlus must develop a plan to engage with community and labor leaders to create good paying jobs. It also has to meet technical, legal, environmental and financial conditions before the government will fund the loan,” wrote The AP.
The plants would make battery cells and modules for electric vehicles to be sold in North America, and at full capacity, the plants will produce enough batteries to supply about 670,000 vehicles per year.
“This will greatly expand EV battery manufacturing capacity in North America and reduce America’s reliance on adversarial foreign nations,” the statement said.If finalized, Stellantis would get $6.85 billion in principle plus $688 million in interest for the project, reported AP.NACS, in partnership with the Transportation Energy Institute (TEI), provides resources to help better understand the business of EV charging and to capitalize on opportunities that are right for your business.
