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To invest $2.5B for 23 GWH battery plant in Kokomo, Indiana Metal Tech News - May 26, 2022
PRiMX, a premium battery technology with a high nickel cathode and silicon anode developed by Samsung SDI, will be utilized by the 23 GWh gigafactory to be built in Indiana.
Jeep's first-ever fully electric SUV is set to be launched in 2023.
Global automaker Stellantis and battery manufacturer Samsung SDI have forged a partnership that will invest US$2.5 billion to establish an electric vehicle battery manufacturing facility in Kokomo, Indiana.
"It's another incredibly exciting day to be back in Kokomo celebrating such a transformational investment from Stellantis and our new partners at Samsung," said Gov. Eric Holcomb. "Today's announcement is another step toward positioning Indiana as a leader in the future of mobility, battery technology and clean energy."
The new battery facility will utilize a cutting-edge battery technology developed by Samsung SDI for EVs being manufactured in North America for Stellantis, which owns Chrysler, Dodge, Fiat, Jeep, Maserati, Opel, Peugeot, Ram, and several other automobile brands.
As part of its Dare Forward 2030 strategic plan, Stellantis has set a target of selling 5 million battery EVs per year by 2030. To support this endeavor, the global automaker plans to build the capacity to produce 400 GWh of batteries globally per year.
"Just under one year ago, we committed to an aggressive electrification strategy anchored by five gigafactories between Europe and North America," said Stellantis CEO Carlos Tavares. "Today's announcement further solidifies our global battery production footprint and demonstrates Stellantis' drive toward a decarbonized future outlined in Dare Forward 2030."
The Indiana battery factory will have the capacity to produce 23 gigawatt-hours of battery storage capacity per year when it goes into production, with the idea that it can be expanded to 33 GWh as the demand for Stellantis EVs rise.
The U.S. gigafactory is the second announced so far by Stellantis. In April, the automaker announced a partnership with LG Energy Solution to invest US$4.1 billion to build a 45 GWh per year battery plant in Ontario, Canada.
One of the things that set the Kokomo gigafactory apart is it will incorporate PRiMX (pronounced as praimax), a premium battery technology developed by Samsung SDI that was unveiled at the famed CES 2022 technology convention earlier this year.
Short for prime battery for maximum experience, PRiMX utilizes a nickel cathode and silicon anode for a high-capacity battery that allows for super-fast charging.
The partnership with Stellantis will help Samsung SDI to establish its advanced battery brand in the U.S.
"We have secured a solid foothold in a rapidly growing North American EV market through the joint venture with Stellantis," said Samsung SDI CEO Yoonho Choi. "We will make sincere efforts to bring satisfaction to the market with top-class quality products in the future, and we will contribute towards meeting the climate change target."
For the city of Kokomo, this announcement means it will continue to be a significant automaking hub as the industry transitions to electric mobility.
"We would like to thank our partner, Stellantis, for its continued investment, support, and faith in this community for over 85 years," said Kokomo Mayor Tyler Moore. "We would also like to thank Samsung SDI for its confidence in us and look forward to working together for the decades to come. This multi-billion-dollar investment will help solidify Kokomo as a global leader in automotive manufacturing."
The Kokomo battery gigafactory is slated to begin production in 2025.
With more than 16 years of covering mining, Shane is renowned for his insights and and in-depth analysis of mining, mineral exploration and technology metals.
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