SEOUL, Aug. 11 (Yonhap) -- Samsung SDI Co., a major South Korean battery maker, said Tuesday it has partnered with General Motors Co. (GM) to jointly develop prismatic batteries for GM's next-generation electric vehicle (EV) models.

Under a joint development agreement, the two companies will conduct joint research and development to develop prismatic batteries featuring high energy density and fast-charging capabilities, the company said in a press release.

Meanwhile, Samsung SDI will acquire GM's 49.99 percent stake in Synergy Cells, a US$3.5 billion joint venture established by the two companies in 2024 to build a battery plant in the United States. Samsung SDI currently holds a 50.01 percent stake in the JV.

"The decision is aimed at continuing both companies' joint efforts to develop future mobility solutions and responding to growing demand for energy storage systems (ESSs) in the U.S. market," a company official said.

The EV battery plant is under construction in the central U.S. state of Indiana and will have an annual production capacity of more than 30 gigawatt hours (GWh).

The timetable for the plant's commercial operations has yet to be decided, the company said.

Also in Indiana, Samsung SDI operates a 23-GWh EV battery plant through a joint venture with Stellantis N.V. This factory also produces energy storage systems (ESSs).

kyongae.choi@yna.co.kr

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