NEW CARLISLE, Ind. -- According to Samsung SDI, the company has signed a new agreement with General Motors to acquire their stake in the joint venture battery plant being built in New Carlisle.

Samsung states this marks the company's first wholly owned plant in North America.

Company officials say the plant will be utilized to produce batteries for energy storage systems, and with GM jointly develop a next-generation prismatic battery cell for potential future EV applications.

“While reflecting recent market changes, this acquisition decision is to continue the strategic partnership with GM,” said a SAMSUNG SDI official. “We will continue our commitment to an electrified future with the partner, while utilizing the plant to proactively respond to the fast-growing ESS market in the U.S.”

Samsung states the new agreement extends the partnership between them and GM demonstrating their commitment to an electrified future.

The two companies aim to develop prismatic batteries that feature high energy density and fast charging capability.

Samsung acquired GM’s 49.99 percent stake in the joint venture, known as SynergyCells, after the consideration of market changes since it was announced.

Officials say this included the slower-than-expected growth of EV demand.

The battery plant remains under construction.

You can find more information on the deal via the Samsung website.