StarPlus Energy receives $7.54 billion loan from U.S. Department of Energy to build electric vehicle battery plant

The U.S. Department of Energy announced that it will provide a loan of up to $7.54 billion to StarPlus Energy, a joint venture between Stellantis and Samsung SDI, to build two electric vehicle lithium-ion battery factories in Indiana. The factory is located in Kokomo, Indiana, and is expected to have a full capacity of 67GWh, which can meet the battery needs of approximately 670,000 electric vehicles.