U.S. Energy Department unveils $7.54B loan for Samsung, Stellantis EV battery plant

The U.S. Department of Energy on Monday announced a multi-billion dollar loan to jumpstart a joint project in Indiana between Stellantis and Samsung to aid battery production for the rapidly expanding electric vehicle industry.

The Energy Department's Loan Programs Office announced a $7.54 billion conditional loan commitment to StarPlus Energy LLC which, if finalized, will help finance construction of up to two lithium-ion battery cell and module manufacturing facilities in Kokomo, Ind., according to a release.