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A joint venture between Stellantis and Samsung SDI, called StarPlus Energy LLC, has received a loan from the US government worth up to $7.54 billion.
A billion dollar loan will reportedly help the Stellantis-Samsung SDI joint venture build two electric vehicle (EV) battery plants in Kakama, Indiana. The joint venture between Stellantis and Samsung SDI was established in October 2021. Companies sought to produce lithium-ion batteries for the North American market. During InterBattery 2022, Samsung SDI’s CEO teased that the company is looking at ways to “increase production in the United States.”
It is expected that StarPlus Energy LLC create 2,800 jobs at two new factories for the production of batteries for electric vehicles. The U.S. Department of Energy estimates the plants will also create several hundred jobs in the park near the plants, which is expected to supply parts for the companies.
The US government has committed to providing StarPlus Energy with a loan of up to $7.54 billion to finance its project. However, the loan still needs to be processed. StarPlus Energy needs to develop a plan to help it engage with the community in Kokomo, Indiana. JV Stellantis and Samsun SDI should also talk to labor leaders to create good-paying jobs.
In addition to developing plans with local community and labor leaders, StarPlus Energy must also meet technical, legal, environmental and financial conditions to complete the government loan. It will be interesting to follow StarPlus Energy’s progress in closing its $7.54 billion loan.
President-elect Donald Trump will take office until January 20, 2025 Associated PressTrump has vowed to end funding for programs like the StarPlus Energy project in Indiana.
The Energy Department did not say whether the loan would be completed before Trump’s inauguration. However, he commented that it would be irresponsible for “any government to turn its back on private sector partners, states and communities that benefit from lower energy costs and new economic opportunities from credit.”
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