U.S. Approves $7.54B Loan for Stellantis-Samsung EV Battery Plants in Indiana

The conditional loan aims to boost U.S. EV battery production, creating thousands of jobs and reducing reliance on foreign suppliers.

The U.S. Department of Energy has conditionally approved a $7.54 billion loan for StarPlus Energy, a joint venture between Stellantis and Samsung SDI, to build two EV battery plants in Kokomo, Indiana.
The project is expected to generate 2,800 permanent jobs at the plants, hundreds more at a nearby supplier park, and approximately 3,200 construction jobs during development.
At full capacity, the plants will produce 67 GWh of batteries annually, enough to power 670,000 electric vehicles for the North American market.
The loan's finalization depends on StarPlus meeting technical, legal, environmental, and financial requirements, as well as developing a Community Benefits Plan to ensure equitable job creation.
The announcement follows the resignation of Stellantis CEO Carlos Tavares, with the automaker facing financial challenges and declining sales.