Samsung SDI has acquired General Motors’ 49.99% stake in SynergyCells, the joint venture the two companies established in New Carlisle, Indiana, and has signed a separate agreement with GM to jointly develop a next-generation prismatic battery cell for potential future electric vehicle applications.
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, and that the two partners have decided to seek other forms of cooperation outside the joint venture structure.
Acquiring the stake gives Samsung SDI its first independently operated battery production base in North America. The company said it plans to use the plant to produce high-tech batteries for a range of applications.
The plant is currently under construction. Samsung SDI said that once it is completed, the facility will begin by producing batteries for energy storage systems, a response to the growing market in the U.S. Under the development agreement, the two companies will co-develop prismatic batteries with high energy density and fast charging capability.
