The U.S. Department of Energy building in Washington, DC, on July 22, 2019.
Alastair Pike | AFP | Getty Images
The U.S. Department of Energy said on Monday it plans to provide up to $7.54 billion in loans to an automaker joint venture. star and Samsung SDI Help build two electric vehicle lithium-ion battery plants in Indiana.
The conditional commitment award, which still needs to be finalized, includes $6.85 billion in principal and $688 million in capital interest for the StarPlus Energy joint venture. The U.S. Department of Energy said the joint venture will produce batteries for Stellantis electric vehicles and will produce approximately 67 GWh of batteries when fully loaded, enough to supply approximately 670,000 vehicles per year.
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