- The funding is part of the Bipartisan Infrastructure Law enacted in 2021.
- The funds will go to U.S. companies working to build new EV battery factories or overhaul existing plants to make the batteries and related components.
- An additional $60 million will aid in battery recycling.
The Biden administration announced on Monday that it will provide $3.1 billion in funding to support efforts to make electric vehicle batteries and components in the United States.
The funding, part of the Bipartisan Infrastructure Law enacted last year, will aid plans by U.S. companies to build new factories and retrofit existing ones to make EV batteries and related parts.
Separately, the Department of Energy said an additional $60 million will be available to support the reuse and recycling of used EV batteries.
Energy Secretary Jennifer Granholm said the new investments “will give our domestic supply chain the jolt it needs to become more secure and less reliant on other nations,” a key priority for the administration in the wake of the global supply chain disruptions that followed Russia’s invasion of Ukraine.
The White House has said that it wants fully electric vehicles to make up over half of U.S. new-vehicle sales by 2030.
Source: Business - cnbc.com
