White House to spend USD 3 billion on EV battery manufacturing in U.S.

By Akshay Kedari  | Date: 2022-05-04

White House to spend USD 3 billion on EV battery manufacturing in U.S.

According to reliable sources, the Biden administration is planning to provide USD 3 billion in finance to reinforce EV battery manufacturing capabilities in the United States. The apparent funds will be issued by the Department of Energy from President Biden’s USD 1 trillion infrastructure bill that was signed last year.

One of the initiatives will be processing minerals that would be used in large-capacity batteries and then recycling them.

It is worth noting that the move is part of President Biden’s ambitious plan of having half of all new vehicles sold in 2030 be electric. This goal would help boost the manufacturing industry and prevent China from gaining an unfair advantage in the electric vehicle market, experts claimed.

Parallelly, the White House is hoping that these measures will help in securing the country’s energy independence and cut inflation that stemmed from the Russia-Ukraine conflict.

The latest government infrastructure bill also includes several measures that are aimed at supporting the growth of the electric vehicle industry in the United States. These include the purchase of electric buses and the installation of charging stations, with the White House also working with several automotive companies, including Tesla Inc. and General Motors.

Although the federal government is providing the necessary funds to support the production of electric vehicles, it will not be investing in the development of new mines to produce lithium-ion batteries. Some of the projects that are currently under review by the Biden administration have local opposition.

Although a climate advisor for the Biden administration, the government’s support to produce electric cars will help ensure that the materials used in the batteries are recycled.

In March, President Biden used a Cold War-era law to support the processing and production of minerals extracted from Ukraine. He requested funding for this initiative as part of a $33 billion package for Ukraine-related projects.    

Source Credit: -

https://www.moneycontrol.com/news/world/us-to-spend-more-than-3-billion-on-ev-battery-manufacturing-white-house-8445931.html

About Author

Akshay Kedari     aeresearch.net

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More >>

More News By Akshay Kedari

Google Fi confirms data breach, leaking millions of customer’s data

Google Fi confirms data breach, leaking millions of customer’s data

By Akshay Kedari

Google Fi, Google's cell network operator, has reportedly revealed a data breach, which is most likely related to the T-recent Mobile's security disaster, which allowed hackers to leak millions of customers' personal information. The p...

European semiconductor giant ASML forecasts a sales surge for 2023

European semiconductor giant ASML forecasts a sales surge for 2023

By Akshay Kedari

Dutch semiconductor company ASML has reportedly forecast a revenue jump for the year 2023 as the global semiconductor industry anticipates a reacceleration of growth during the second half of this year. According to the firm, its net sales  f...

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...