Samsung SDI Co. will spend US$1.97 billion on its second battery manufacturing facility it is building in the United States jointly with Stellantis N.V., the South Korean battery maker said in a filing Wednesday.
The disclosure came about two months after their U.S. venture, StarPlus Energy, announced a plan to build a second battery plant in Indiana in addition to the first factory under construction in the U.S. state.
The amount of investment for the second plant corresponds to Samsung SDI's 51 percent stake in the envisioned project. The investment will be made over the period of April 2024 to November 2027, the filing showed.
The second battery plant will aim to go into operation in 2027 with an initial production capacity of 34 gigawatt hours (GWh) a year.
The location of the new plant has not been decided.
The two companies established the battery venture in October 2021 and announced in May 2022 the plan for the first battery manufacturing facility in Kokomo, Indiana.
The first factory aims to have an annual production of 33 GWh, up from the initial target of 23 GWh, with operations set to begin in the first quarter of 2025.
Source: Yonhap News Agency