Indiana plant could pivot from EV cells to energy storage
Samsung SDI has acquired General Motors’ 49.99% stake in SynergyCells, a $3.5 billion battery joint venture in the U.S., ending the venture, the companies said Tuesday. The South Korean battery maker said it will use the SynergyCells plant in New Carlisle, Ind., which has been under construction since 2024, to make batteries for energy storage systems and other high-tech applications.
The ownership change is part of a broader adjustment in U.S. battery investment plans. Global automakers and EV battery makers have been pressured to scale back or adjust their investment plans, particularly in the U.S., given sluggish demand and the Trump administration’s elimination of EV incentives, The Wall Street Journal reported.
The companies attributed the ownership change to market changes, including slower-than-expected growth of electric-vehicle demand.
“The ownership change was made in consideration of market changes since the joint venture was announced—including the slower-than-expected growth of EV demand,” Samsung SDI said. “The two partners have now decided to seek other forms of cooperation other than the joint venture.”
The SynergyCells plant, originally designed to produce 27 gigawatt hours of EV batteries annually, could be repurposed to serve the fast-growing U.S. energy storage system market, Samsung SDI said.
Samsung SDI said that it and GM would continue their strategic partnership, saying that both agreed to develop next-generation prismatic batteries.