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US Department of Energy commits $7.54 billion loan for EV production in Kokomo
US Department of Energy commits $7.54 billion loan for EV production in Kokomo
The U.S. Department of Energy Monday conditionally committed $7.54 billion to finance two electric vehicle facilities in Kokomo as part of an effort to bolster American EV battery manufacturing and reduce reliance on foreign sources.
The federal financial commitment to large-scale lithium-ion battery production will “ensure the United States can meet domestic demand and remain a global leader in the rapidly expanding EV industry,” according to a news release from the DOE.
Though not yet finalized, the $7.54 billion loan from the department’s Loan Programs Office to StarPlus Energy is the third largest commitment the office has approved. The office last summer announced a $9.2 billion conditional commitment to an EV battery project in Kentucky and Tennessee to produce Ford and Lincoln EVs.
StarPlus Energy, a joint venture between Stellantis and Samsung SDI, in 2022 announced plans to open an electric vehicle battery manufacturing facility on the northeast side of Kokomo. A year later, the companies added a second plant to the plans for the Kokomo project.
