Battery maker Samsung SDI plans to invest $1.98 billion in its second U.S. joint battery factory with Stellantis, the company announced. The investment is part of Samsung SDI’s push into the U.S. market, as it also expands in Michigan.
The South Korea-based company said in a Sept. 27 regulatory filing that it will fund the project from April to November 2027. The investment will give Samsung SDI a 51% stake in Starplus Energy, its EV battery joint venture with Stellantis.
The two companies are currently building a $2.5 billion EV battery plant in Kokomo, Indiana, which they announced in May 2022. The facility is expected to begin production in 2025 and have a yearly capacity of 23 gigawatt hours, with the ability to increase production to 33 GWh annually.
The $2 billion investment is part of Samsung SDI’s expansion push into the U.S. The South Korea battery maker is investing $41 million to expand two of its facilities in Auburn Hills, Michigan, the state announced. The expansion will double the plants’ manufacturing capacity and create 368 jobs.
“This expansion plan, critical to our operations, will allow us to better support our customers, and will result in hundreds of new jobs for those eager to take part in the electrification revolution,” Samsung SDI America General Counsel and VP of Legal and Public Affairs Joe Pittel said in a statement.
Source: automotivedive.com