The Department of Energy closed a $7.5 billion loan this week to fund two electric vehicle battery plants in Indiana to supply Stellantis, one of the world’s largest automakers.
The loan will go to StarPlus Energy, a joint venture of the South Korean giant Samsung SDI and Stellantis, which sells cars under brands ranging from Jeep to Dodge. The funds are slated to construct two lithium-ion battery cell and module manufacturing plants in the city of Kokomo.
“With batteries made in the U.S. by American workers, the StarPlus Energy operation will play an important role in our drive to offer clean, safe and affordable mobility options to our customers,” Stellantis said in an emailed statement.
The award was finalized in 15 days, the fastest DOE’s Loan Programs Office has closed on a conditional proposal. On average, loans take 221 days to complete.
