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JV to get $7 billion loan from US Department of Energy","stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy","article/stellantis-samsung-jv-to-get-7-billion-loan-from-us-department-of-energy",{"_uid":557,"date":558,"tags":559,"editor":578,"content":588,"excerpt":679,"featured":51,"reporter":680,"_editable":684,"component":685,"seo_title":553,"categories":686,"visibility":693,"author_company":49,"data_vis_image":694,"featured_image":698,"seo_description":679,"author_full_name":49,"author_job_title":49,"formattedDate":701,"formattedArticleDate":702},"e03ff128-c23f-43a9-b27f-eb77138011e5","2024-12-04 00:00",[560,563,566,569,572,575],{"slug":561,"name":562},"data-visualisation","Data Visualisation",{"slug":564,"name":565},"inflation-reduction-act","Inflation Reduction Act",{"slug":567,"name":568},"samsung","Samsung",{"slug":570,"name":571},"south-korea","South Korea",{"slug":573,"name":574},"stellantis","Stellantis",{"slug":576,"name":577},"usa","USA",[579],{"slug":580,"name":581,"content":582},"matthew-bird","Matthew Bird",{"job_title":583,"image":584,"bio":586,"linkedin":587},"Senior Editor - Supply Chains & Data Visualisation",{"filename":585},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":589,"content":590},"doc",[591,598,603,608,613,620,625,634,639,644,649,664,669,674],{"type":592,"attrs":593,"content":594},"paragraph",{"textAlign":49},[595],{"text":596,"type":597},"StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. ","text",{"type":592,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":597},"The investment supports a trend of South Korean battery players driving US battery production.",{"type":592,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":597},"“Despite a global slowdown in battery investment and a climate of delays and cancellations, the US is continuing to offer support for its domestic projects in order to establish its own battery supply chain whilst also reducing its reliance on China. The loan will also allow Stellantis to further solidify its position in the US EV market,” said Anya Sidhu, an analyst at Benchmark.",{"type":592,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":597},"Cells manufactured at the two facilities planned for Kokomo, Indiana will be sold to Stellantis for use in its domestic EV range.",{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":597},"Why are South Korean cell manufacturers partnering with US automakers?",{"type":592,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":597},"“Joint ventures between South Korean cell manufacturers and US automakers benefit both parties as automakers secure a reliable supply of batteries for their growing EV production, while battery manufacturers secure demand for their cells,” said Aran Waid, a Principal Analyst at Benchmark.",{"type":592,"attrs":626,"content":627},{"textAlign":49},[628],{"type":629,"attrs":630},"image",{"id":49,"alt":631,"src":632,"title":49,"source":49,"copyright":49,"meta_data":633},"","https://a.storyblok.com/f/287943243085208/d66a283ced/bm-foreign-owned-projects-are-driving-us-battery-production2x.png",{},{"type":592,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":597},"Tax credits under the US’ Inflation Reduction Act (IRA), both for domestic cell manufacturing and EV purchases, also incentivise foreign investment. ",{"type":592,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":597},"However, Donald Trump’s reelection to the White House threatens these policies.  ",{"type":592,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":597},"Vivek Ramaswamy, who Trump has announced will lead the newly proposed Department of Government Efficiency (DOGE) alongside Elon Musk, stated the loan was “illegitimate and should be rescinded” on X, adding that DOGE would carefully scrutinise this spending. ",{"type":592,"attrs":650,"content":651},{"textAlign":49},[652,654,662],{"text":653,"type":597},"It is also true ",{"text":655,"type":597,"marks":656},"Republican states have disproportionately benefited from IRA spending",[657],{"type":658,"attrs":659},"link",{"href":660,"uuid":49,"anchor":49,"target":49,"linktype":661},"https://source.benchmarkminerals.com/article/opinion-election-plot-twist-trump-and-musk-to-oversee-great-us-battery-boom-in-red-states?_branch_match_id=1544411089157312567&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWtzAMcw0KSMo28E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAA%2BDsVEgAAAA%3D","url",{"text":663,"type":597},", receiving 92% of the $110 billion invested through the act. Additionally, Indiana has voted for Trump in all three of the elections he has run in.",{"type":614,"attrs":665,"content":666},{"level":616,"textAlign":49},[667],{"text":668,"type":597},"What is the outlook for StarPlus Energy?",{"type":592,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":597},"StarPlus Energy announced the first Kokomo, Indiana project in May 2022 with a planned investment of $2.5 billion. First phase capacity is slated at 23 GWh with ambitions to grow this to 33 GWh and production is expected to begin next year.",{"type":592,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":597},"The joint venture confirmed an investment of $3.2 billion for its second gigafactory for Kokomo last year. The project has a nameplace capacity of 34 GWh with production expected to begin in 2027.","StarPlus Energy, a joint venture between Stellantis and Samsung SDI, has received a conditional loan of $7.54 billion from the US Department of Energy (DoE) to help finance the development of two gigafactories in Indiana. The investment supports a trend of South Korean battery players driving US battery production. “Despite a global slowdown in battery […]",[681],{"slug":580,"name":581,"content":682},{"job_title":583,"image":683,"bio":586,"linkedin":587},{"filename":585},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"e03ff128-c23f-43a9-b27f-eb77138011e5\", \"id\": \"\"}-->","article",[687,690],{"slug":688,"name":689},"batteries","Batteries",{"slug":691,"name":692},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":631,"name":631,"focus":631,"title":631,"source":631,"filename":695,"copyright":631,"fieldtype":696,"meta_data":697,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1733322885/www-production/Foreign-owned-projects-are-driving-US-battery-production@2x-1/Foreign-owned-projects-are-driving-US-battery-production@2x-1.png?_i=AA","asset",{"alt":631,"title":631,"source":631,"copyright":631},{"id":49,"alt":631,"name":631,"focus":631,"title":631,"source":631,"filename":699,"copyright":631,"fieldtype":696,"meta_data":700,"is_external_url":51},"https://wp-admin.benchmarkminerals.com/app/uploads/Stellantis-Samsung-JV-gets-7-billion-loan-from-Department-of-Energy-scaled.jpg",{"alt":631,"title":631,"source":631,"copyright":631},"Dec 04, 2024","4th December 2024",[],[],1792773893254]