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MegadealsSubsidy Tracker Individual Entry
Company: StarPlus Energy LLC
Parent Company:
Samsung
Subsidy Source: multiple
Location: Indiana
City: Kokomo
County: Howard
Project Description: EV battery manufacturing plant
Year: 2023
Major Industry of Parent: diversified
Specific Industry of Parent: diversified
Subsidy Value: $219,600,000
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy:
MEGADEAL
Number of Jobs or Training Slots: 1,400
Wage Data: $32.07
Wage Data Type: Average hourly wage
Capital Investment: $3,206,000,000
Source of Data: Press release from the Indiana Economic Development Corporation: "Gov. Holcomb announces second Stellantis, Samsung SDI EV battery manufacturing facility, $3.2B investment," October 11, 2023:
(click here). Kokomo Common Council, October 16, 2023 Meeting Agenda Packet:
(click here).
Notes: StarPlus Energy LLC, a joint venture between Stellantis and Samsung SDI, is expanding its footprint in Kokomo to build a second 34 GWh EV battery plant. The state's subsidy package includes $115 million in performance-based grants, conditional tax credits worth $59.5 million, and $2 million in training grants. The city of Kokomo has granted the company a 20-year 100% personal property tax abatement on $1.5 billion of equipment and a 10-year 100% real property tax abatement on structures worth $1.7 billion (savings from abatements not estimated). Kokomo will also undertake infrastructure improvements to support the project. The total cost of the improvements is unknown, but some portion will be financed with $78 million in city-issued bonds, of which $58 million will be backed by incremental property tax revenue generated at the site in the 10 years following the expiration of the company's real abatement. StarPlus will purchase the bonds and receive the debt service payments as reimbursements, but has also agreed to pay the city $35 million in lieu of taxes (net subsidy of $43 million, excluding financing costs). The city has agreed to waive various permit fees at a cost of $100,000. The facility will also be eligible for federal income tax credits under the Inflation Reduction Act's 45X program, worth an estimated $1.2 billion per year (not included in subsidy value). Overlaps with main data: none.
Source Notes: If an online information source is not working, check the Tracker
inventory page for an updated link.