According to a statement released by Samsung SDI Co. on Wednesday, the South Korean technology corporation will invest some $1.97 billion in its second battery manufacturing facility, which will be built in the United States in partnership with Stellantis N.V.
In May 2022, Stellantis and Samsung SDI declared their desire to build their first battery manufacturing facility in Kokomo, Indiana. This facility will be started in the first quarter of 2025, and 33 GWh will be produced annually with a 23 GWh beginning objective.
By the end of the decade, both companies hoped to have at least 25 new battery-electric vehicles available on the North American market thanks to the construction of this new plant. After two months of working together in the US, StarPlus Energy made the news that they intended to build a second battery facility in Indiana.
It is significant to highlight that the first plant in the state, a battery facility, is already under development. The cost of the second plant reflects Samsung SDI’s ownership of 51% of the proposed project.
According to rumors, the investment will begin in April 2024 and last through November 2027. The first battery installation was expected to produce 33 GWh annually, up from the initial target of 23 GWh. This is in line with the operations that are expected to start in the first quarter of 2025.
The location of the new factory has not yet been chosen, but the company may disclose it soon. The second battery facility will start producing at a rate of 34 gigawatt hours (GWh) annually in 2027.
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