WASHINGTON (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 and Samsung SDI 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)
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