In its effort to boost EV sales across the country for a more environmentally sound choice of vehicle adoption, President Joe Biden’s administration said it will provide $3.1 billion in funding to support the domestic production of advanced batteries that support electric vehicles.
As stated by supporters of this decision, funding for local battery initiatives will alleviate fluctuations in global oil markets, specifically the surging price of gas caused in large part by Russia’s invasion of Ukraine.
Source: CNBC (Jonathan Ernst | Reuters)
On Monday, the White House also announced that it will set aside a separate $60 million in grants for battery recycling initiatives, both of which will support an effort to “reduce our reliance on competing nations like China that have an advantage over the global supply chain,” according to a Department of Energy statement.
Monday’s announcement comes about a month after Biden said his administration would trigger the Defense Production Act to secure U.S. sources of critical materials like lithium, nickel, cobalt, graphite, and manganese that are used for EV batteries and energy storage. Most of those minerals are processed in Asia today, and the $3.1 billion will help U.S. companies build new factories and retrofit existing ones to make EV batteries and related parts.
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