The Department of Energy (DOE) has announced a significant financial commitment to the electric vehicle industry, offering a conditional loan of up to $7.5 billion to Stellantis and Samsung SDI. This loan is intended to bolster battery production capabilities in Indiana, a crucial step in enhancing the United States' electric vehicle infrastructure. The funds will support the establishment of two new battery plants in Kokomo, Indiana, under the StarPlus Energy joint venture.
Boosting Battery Production Capacity
The two Kokomo plants are poised to significantly increase battery production capacity, with a target of 67 gigawatt-hours annually. This expansion is part of a broader strategy by Stellantis and Samsung SDI to meet the growing demand for electric vehicles in North America. The partnership between these industry giants dates back to earlier collaborations, including the use of Samsung SDI battery cells in the Fiat 500e.
Strategic Partnerships and Expansions
In addition to their work in Indiana, Stellantis is also collaborating with LG Energy Solution on a separate project in Canada, aiming for over 45 gigawatt-hours of capacity. Meanwhile, Samsung SDI is working with General Motors on another battery plant in Indiana. These partnerships underscore the collaborative efforts within the auto industry to scale up EV production and infrastructure.
Further DOE Support for EV Development
The DOE's support extends beyond this recent loan. In July, it announced plans to loan Stellantis $334.8 million for converting its Belvidere Assembly Plant in Illinois for EV production and an additional $250 million for producing EV drive modules at existing facilities in Kokomo. These initiatives highlight the DOE's ongoing commitment to fostering growth in the electric vehicle sector.
Rivian's Expansion Plans
Rivian has also benefited from the DOE's Advanced Technology Vehicles Manufacturing (ATVM) loan program, securing a conditional commitment for a loan of up to $6.6 billion. This funding will support Rivian's second assembly plant in Georgia and further development of its mid-size platform for electric vehicles. The ATVM program, established during the George W. Bush administration, continues to play a pivotal role in advancing EV technologies.
Zdroj: Greencarreports