South Korean battery maker Samsung SDI (006400.SE) plans to invest nearly $2 billion in its second joint venture battery plant in the United States with automaker Stellantis.
Samsung SDI said Wednesday it would invest 2.656 trillion won ($1.98 billion) for a 51% stake in the new plant for StarPlus Energy. StarPlus Energy is a joint venture between Samsung SDI and Stellantis.
Samsung SDI said in a regulatory announcement that the proposed investment will be completed over a three-year period from April 2024 to November 2027.
The plant aims to start mass production in 2027, when it will have an annual capacity of 34 gigawatt hours, the company said.
Samsung SDI and Stellantis are currently building the first plant, which is expected to start production in early 2025. Stellantis operates StarPlus Energy in Indiana.