US proposes $7.54 billion loan to Stellantis, Samsung SDI battery joint venture

Samsung SDI

02/12/2024 13:50

WASHINGTON, Dec 2 (Reuters) - The U.S. Energy Department
said Monday it is proposing to loan up to $7.54 billion to a
joint venture of automaker Stellantis  STLAM.MI  and Samsung SDI
 006400.KS  to help build two electric vehicle lithium-ion
battery plants in Indiana.
    The conditional commitment award must still be finalized and
includes $6.85 billion in principal and $688 million in
capitalized interest for the StarPlus Energy joint venture. The
venture will build batteries for Stellantis electric vehicles
and at full capacity will produce about 67 GWh of batteries,
enough to supply approximately 670,000 vehicles annually, the
Energy Department said.

 (Reporting by David Shepardson)
 ((David.Shepardson@thomsonreuters.com; 2028988324;))