Biden commits $2.8 billion to electric vehicle batteries

U.S. President Joe Biden delivers a speech on electric vehicle manufacturing in America while visiting the Detroit Auto Show on September 14, 2022.

Kevin Lamark | Reuters

The Biden administration on Wednesday said it would provide $2.8 billion in grants to projects to expand U.S. production of electric vehicle batteries and domestic mining.

Grants funded by the bipartisan $1 trillion Presidential Infrastructure Act will enable manufacturing and processing companies in at least 12 states recover and recycle more lithium, graphite, nickel and other battery materials.

The announcement is part of the administration’s broader initiative to transition the US from gasoline cars to electric vehicles. Every year, the transport sector accounts for about one third of the greenhouse gases that cause global warming.

“Producing advanced batteries and components here at home will accelerate the transition from fossil fuels to meeting high demand for electric vehicles, creating more high-paying jobs across the country,” Energy Secretary Jennifer Granholm said in a statement.

According to the Department of Energy, the projects will support developing enough lithium to produce about 2 million electric vehicles per year, developing enough graphite to produce about 1.2 million electric vehicles per year, and producing enough nickel to produce about 400,000 electric vehicles per year. .

The projects will also install the nation’s first large-scale commercial lithium electrolyte salt manufacturing facility in the United States and develop an electrode bonding plant that will supply 45% of expected domestic demand for EV battery binders in 2030, the agency said.

Earlier this year, Biden used the Defense Production Act to boost U.S. production of minerals needed to make electric vehicle batteries and long-term energy storage, and reduce the country’s reliance on foreign supply chains.

“Currently, virtually all lithium, graphite, battery nickel, electrolyte salt, electrode binder and iron phosphate cathode material are produced overseas, and China controls the supply chains of many of these key materials,” the White House fact sheet said. .

The White House has set a goal for electric vehicles to account for half of all new car sales by 2030 and has pledged to replace its federal fleet of 600,000 cars and trucks with electric vehicles by 2035. The administration also unveiled a $5 billion plan. states to fund electric vehicle chargers on national highways.

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