U.S Govt. pledges $3.16 bn funding to boost EV battery manufacturing
Category: #business  | By Mateen Dalal  | Date: 2022-05-14 |
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U.S Govt. pledges $3.16 bn funding to boost EV battery manufacturing

The U.S. Department of Energy (DOE) has reportedly announced funds of $3.16 billion from President Joe Biden’s ‘Bipartisan Infrastructure Law’ for bolstering the domestic battery manufacturing and supply chain and creating more jobs.

In addition, DOE will be setting aside a separate $60 million in grants for backing second-life applications for batteries after they have been used in powering electric vehicles (EVs) once and for new processes that will recycle materials and put them back into the battery supply chain.

It has also announced a separate $45 million fund for supporting the domestic development of advanced batteries used in EVs.

Through DOE’s Advanced Research Projects Agency-Energy, it will introduce the Electric Vehicles for American Low-Carbon Living (EVs4ALL) program under which affordable, efficient, convenient, and resilient batteries will be developed.

The funding opportunity would address the market concerns such as battery resilience, efficiencies, and charging speeds and availability. It is expected to significantly increase the adoption of domestic EVs by removing major detractors for consumers.

These fundings are seen as important components for strengthening the country’s energy independence and reducing dependence on other countries. It is also likely to support President Biden’s goal of EVs to make up half of the vehicle sales in the US by 2030.

Jennifer M. Granholm, Secretary of Energy, said that the historic investment by President Biden in battery production and recycling will boost America’s domestic supply chain so it becomes more secure and less dependent on other countries.

Jennifer added that the funding will not only strengthen the country’s clean energy economy but also decarbonize the transportation sector and create well-paying jobs.

The department added that it is working with the transport industry to prepare the country for higher demand for lithium-ion batteries over the next ten years.

Speculations have it that by sustainably and responsibly sourcing crucial materials like lithium, nickel, graphite, and cobalt, for lithium-ion batteries, DOE would be able to ease supply chain disruptions and speed up the domestic battery production in order to meet the demand for EV adoption.

Source Credit: https://mercomindia.com/us-funding-boost-domestic-battery-manufacturing/

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Mateen Dalal     twitter

Mateen Dalal

A qualified electronics and telecommunication engineer, Mateen Dalal embarked on his professional journey working as a quality and test engineer. Harnessing his passion for content creation however, Mateen pens down industry-rich articles for ReportsGO.com and a few o...

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