U.S.will allocate $2.8 billion to support EV battery production and mineral mining

The White House announced on Wednesday local time that the US Department of Energy will allocate $2.8 billion under the bipartisan infrastructure bill passed last year to support domestic electric vehicle battery manufacturing and mineral mining.

As automakers race to expand U.S. electric vehicle and battery production, the White House also launched a government-wide initiative called the American Battery Material Initiative to strengthen critical mineral supply chains to support electric vehicles Automobile production.

It's the latest move by the U.S. president to back a shift from gasoline-powered vehicles to zero-emission electric vehicles, with a goal of half of all new cars sold in the U.S. by 2030.

20 manufacturing and processing companies in 12 U.S. states will receive grants from the U.S. Department of Energy, which are expected to create 8,000 jobs.

the funding will support battery production in two areas: first, mining and processing of “key minerals” such as lithium and graphite under the new “American Battery Materials Initiative”; and second, battery manufacturing and assembly.

Funded projects are expected to "develop enough lithium to supply more than 2 million electric vehicles annually and establish large-scale domestic production of graphite and nickel".

The funding will also be used to develop an electrode binder facility capable of meeting 45% of the projected US demand for EV battery binders by 2030.

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