Samsung SDI said Tuesday it has signed an agreement with General Motors (GM) to jointly develop next-generation prismatic battery cells for potential use in future electric vehicles (EV).
Under the agreement, the two companies will codevelop prismatic batteries designed to offer high energy density and fast-charging capabilities, extending their partnership in EV development.
As part of the deal, Samsung SDI also acquired GM’s 49.99 percent stake in SynergyCells, a joint venture the two companies established in the U.S. state of Indiana.
The ownership change reflects shifts in the battery market since the joint venture was announced, including slower-than-expected growth in EV demand. The two companies have decided to pursue other forms of cooperation rather than continue operating the business as a joint venture.
With the acquisition, Samsung SDI will secure its first independently operated battery production base in North America. The company plans to use the facility to produce advanced batteries for various applications.
