What Happened

The U.S. Department of Energy’s Loan Programs Office (LPO) closed a $7.54 billion loan to StarPlus Energy LLC, a joint venture between FCA US LLC and Samsung SDI Co. Ltd. The loan will finance two lithium-ion battery manufacturing plants in Kokomo, Indiana, supporting the Biden-Harris Administration’s Investing in America agenda.

Who Is Affected

The project will create approximately 3,200 construction jobs and up to 2,800 operations jobs, benefiting the regional economy. StarPlus Energy is partnering with local educational institutions like Ivy Tech Kokomo and Purdue Polytech to train workers for these roles.

Market Impact

• Expands EV battery manufacturing capacity in North America.
• Reduces reliance on foreign battery sources, particularly China.
• Supports the growing EV industry by producing enough batteries for ~670,000 vehicles annually.

What to Watch

Monitor StarPlus Energy’s progress in constructing the plants and their impact on the EV supply chain. Watch for partnerships with suppliers and local businesses, as well as advancements in workforce training programs.