StarPlus Energy receives loan commitment to build battery factories in Indiana

StarPlus Energy has received a conditional commitment from the Department of Energy’s (DOE) Loan Programs Office (LPO) for a loan of up to $7.54 billion to help finance the construction of up to two lithium-ion battery cell and module manufacturing plants in Kokomo, Indiana.

StarPlus Energy is a joint venture between FCA US, which is a wholly owned subsidiary of Stellantis, and Samsung SDI.

At full capacity, the StarPlus project will produce about 67 GWh of batteries annually, enough to supply approximately 670,000 vehicles . The output from the new facilities will be sold to Stellantis for the production of EV models that will be sold in North America.

If finalized, the loan would be offered through the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, which provides loans to support US manufacturing of advanced technology vehicles, qualifying components, and materials that improve fuel economy. StarPlus Energy and the DOE must satisfy certain conditions for the loan to be funded.

Source: US Department of Energy