The United States Department of Energy (DOE) announced on May 2 a $3.1 billion in funding to support electric vehicle battery production in the country.
The funding, part of President Joe Biden’s $555 billion Bipartisan Infrastructure Law, will be given as cost-sharing grants to U.S. companies involved in the battery supply chain to aid them in their plans, such as in building and expanding facilities.
As many as 30 companies could receive grants worth over $50 million each, according to an administration official cited by NBC News.
DOE also announced an additional $60 million to support the reuse and recycling of used electric vehicle batteries.
“Positioning the United States front and center in meeting the growing demand for advanced batteries is how we boost our competitiveness and electrify our transportation system,” U.S. Secretary of Energy Jennifer Granholm said in a statement.
“President Biden’s historic investment in battery production and recycling will give our domestic supply chain the jolt it needs to become more secure and less reliant on other nations — strengthening our clean energy economy, creating good-paying jobs, and decarbonizing the transportation sector,” Granholm added.
The Biden administration aims to have electric vehicles make up half of all vehicle sales in the U.S. by 2030.
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