According to some recent pieces of information, the South Korean conglomerate Samsung is ready to invest a hefty amount in the construction of its second battery manufacturing plant in the US. Notably, the company will partner with Stellantis N.V. Two months ago, the two companies partnered for the US joint venture. Samsung will be investing $1.97 billion in this plant.
With this investment, Samsung SDI will hold a 51% stake in the upcoming project. According to reports, the company will invest from April 2024 to November 2027. In Indiana, where they already have one factory, the two industry goliaths intend to construct a second battery plant, according to StarPlus Energy, an agreement between Samsung SDI and Stellantis.
The Indiana plant will be operational in Q1 of 2025
According to the reports from Yonhap News Agency, if things go as planned, the plant will be fully operational in 2027. It is going to be the second battery plant that will be a joint venture between Samsung SDI and Stellantis N.V. It is expected that the plant will facilitate 34 gigawatt-hours (GWh) of production per year. As of now, there are no details about the location of the new plant.
In October 2021, the two companies, i.e., Smasung SDI and Stellnatis N.V., collaborated for the first time to build their first battery manufacturing plant. It is located in Kokomo, Indiana. This plant is expected to provide 33 GWh of annual production capacity. It is an upgrade from the previously expected 23GWh. Expectedly, the operations of this plant will begin in Q1 2025.
Badarinath Chopra is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.