By Kwanwoo Jun

South Korean battery maker Samsung SDI plans to invest almost $2 billion in a second U.S.-based plant for the joint venture with carmaker Stellantis.

Samsung SDI said Wednesday that it will invest 2.656 trillion won ($1.98 billion) to secure a 51% stake in the new plant for StarPlus Energy, a JV with Stellantis.

The planned investment will be made over three years from April 2024 through November 2027, the South Korean company said in a regulatory filing.

The plant aims to start mass production in 2027, with an annual production capacity of 34 gigawatt hours, it added.

Samsung SDI and Stellantis, which run the StarPlus Energy JV in Indiana, are currently building the first plant, with production expected to start in early 2025.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

September 26, 2023 23:52 ET (03:52 GMT)

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