June 13, 2024

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U.S. commits more than $3.1 billion to boost EV battery output

1 min read

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The Biden administration said it will spend more than $3.1 billion to support the domestic manufacturing of advanced batteries used in EVs and energy storage.

About $3.16 billion in grants will be made available to produce key metals for the batteries, such as lithium, cobalt and nickel, Dave Howell, principal deputy director in the Energy Department’s Office of Manufacturing and Energy Supply Chains, told reporters in a briefing on Monday.

The grants are intended to reduce U.S. reliance on competitors led by China, the leading producer of lithium-ion battery cells, and further President Joe Biden’s plan to see electric vehicles comprise half of all new U.S. car sales by 2030.

“This announcement will help boost domestic battery manufacturing, make our country more secure and spread the creation of good-paying jobs,” said Mitch Landrieu, the White House’s senior advisor and infrastructure coordinator.

The program will also help fight climate change and help counter increases in oil and gas prices following Russia’s invasion of Ukraine, he said.

The money comes from the $550 billion infrastructure bill signed into law last year, which earmarked $7 billion for batteries and the creation of a U.S. supply chain to produce them.

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