NEW YORK, Dec. 2 (Xinhua) -- A joint venture between Samsung SDI Co. Ltd. and Stellantis N.V. to create battery manufacturing plants in the U.S. state of Indiana is being offered 7.54 billion U.S. dollars in financing from the Joe Biden administration.
The conditional loan to StarPlus Energy LLC would fund as many as two lithium-ion battery cell and module manufacturing plants in Kokomo, Indiana, for use in electric vehicles manufactured by Stellantis, the Energy Department announced Monday.
"The project will greatly expand EV battery manufacturing capacity in North America and reduce America's reliance on adversarial foreign nations ... as well as other foreign sourcing of EV batteries," the Energy Department said in a blog post.
"The funding, which could easily be canceled by the incoming (Donald) Trump administration if not finalized by inauguration day, follows last week's conditional commitment for a 6.6 billion dollars federal loan to Rivian Automotive Inc.," said Bloomberg News in its report about the move.
The 6.6 billion dollars would help fund the company's planned EV battery factory in Georgia. "Both companies will have to meet certain technical, legal, environmental and financial conditions to finalize the loan," added the report.
