Samsung SDI acquires GM's stake in Indiana battery plant
Samsung SDI has signed a new joint development agreement with General Motors for next-generation prismatic batteries, while simultaneously acquiring GM's 49.99% stake in their joint venture SynergyCells in New Carlisle, Indiana. The plant will initially be used for energy storage system production rather than electric vehicle batteries.
The ownership change reflects slower-than-expected EV demand growth since the joint venture was originally announced. Rather than continuing the original JV structure, the two companies have decided to pursue other forms of cooperation, with Samsung SDI taking full ownership of the Indiana facility – its first independently operated battery production base in North America, according to a press release from Samsung SDI.
The plant is currently under construction. Once complete, Samsung SDI plans to begin with ESS battery production to serve the rapidly growing US energy storage market, with the potential to also produce prismatic cells jointly developed with GM in the future.
Under the new joint development agreement, the two companies will co-develop prismatic battery cells featuring high energy density and fast charging capability for potential future EV applications.
