Twenty-one projects will share the earmarked US$2.8 billion budget to support battery manufacturing firms, according to the Department of Energy’s Manufacturing and Energy Supply Chains division.
“Today, President [Joe] Biden is announcing that the Department of Energy is awarding US$2.8 billion in grants from the Bipartisan Infrastructure Law to 20 manufacturing and processing companies for projects across 12 states,” the White House statement read.
The US government added that Biden set an ambitious goal for electric vehicles (EV) to make half of all new vehicles sold in 2030 electric.
Sponsored · Silver47 Exploration Inc.
The grants announced by the department is the first set of projects funded by the infrastructure law “to expand domestic manufacturing of batteries for electric vehicles and the electrical grid.”
The division also added that “the portfolio of projects will support new and expanded commercial-scale domestic facilities to process lithium, graphite and other battery materials, manufacture components, and demonstrate new approaches, including manufacturing components from recycled materials.”
Each recipient receives varying amounts of grants as the projects are in varying stages of the supply chain process. The firms would match the grants at par or greater to realize the project. Total spending, including those committed by the grantees, is expected to be “more than US$9 billion to boost American production of EV batteries.”
Massachussetts-based Ascend Elements received the largest grant, as the firm is the only one to have two projects awarded for grants: receiving (and matching for the same amount) US$316.2 million from federal government for its Apex – Integrated Sustainable Battery Precursor project, and US$164.4 million for the related Active Material Production Plant project.
The US administration signed into law the US$1-trillion Bipartisan Infrastructure Law, then called Infrastructure Investment and Jobs Act. It is a repackaged version of the executive’s initial US$2 trillion American Jobs Plan proposal which faced multiple negotiations on the Congress floor.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
