Biden admin awards $2.8 billion to ramp up US EV battery production
The Division of Power is awarding $2.8 billion in grants to twenty corporations throughout the US that may promote the manufacturing of supplies to make EV batteries domestically, the Biden administration introduced in the present day. The funding comes from the Bipartisan Infrastructure Regulation, and it will be a part of a brand new “American Battery Supplies Initiative,” which goals to safe a provide of minerals for EVs and electrical infrastructure (probably issues like dwelling batteries). On condition that the Biden administration needs to make EVs half of latest US automotive purchases by 2030, we’ll want a critical enhance in battery manufacturing earlier than then.
“The U.S. and its allies at present don’t produce sufficient of the important minerals and battery supplies wanted to energy clear vitality applied sciences,” the Biden admin wrote in a briefing. “China at present controls a lot of the important mineral provide chain and the dearth of mining, processing, and recycling capability within the U.S. may hinder electrical automobile growth and adoption, leaving the U.S. depending on unreliable overseas provide chains.”
The brand new funding will help tasks that purpose to develop sufficient battery-grade lithium to construct 2 million EVs yearly, in addition to sufficient graphite and nickel to provide 1.2 million and 400,000 EVs yearly. It’s going to additionally allow some groundbreaking endeavors, like constructing the primary lithium iron phosphate cathode facility, in addition to the primary large-scale lithium electrolyte salt manufacturing facility, within the US.
After being matched by recipients, the Biden admin says the $2.8 million grants will result in an funding of greater than $9 billion in the direction of constructing EV batteries. Automobile makers may also want extra native provide sources in the event that they need to construct EVs that take full benefit of the Biden admin’s new $7,500 tax credit score, which require batteries and minerals produced within the US.
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