Latest News by Industry
• The investments will support the creation of new and retrofitted, commercial facilities
US officials announced that the Biden administration plans to allocate $3.1 billion in infrastructure funding to finance the electric vehicle (EV) battery manufacturing.
The funds for the endeavor will come from the infrastructure law, brought into effect by the President last year, which also included $7.5 billion for electric transit vehicles and another $7.5 billion for electric vehicle charging infrastructure.
The US Department of Energy also announced a separate $60 million to support second-life applications for batteries once used to power EVs, as well as new processes for recycling materials back into the battery supply chain.
The infrastructure investments will support the creation of new, retrofitted, and expanded commercial facilities as well as manufacturing demonstrations and battery recycling.
The infrastructure law allocated more funding for the government to purchase electric buses and install EV chargers.
The administration has been collaborating with manufacturers, including Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, General Motors (NYSE: GM) CEO Mary Barra and Ford (NYSE: F) CEO Jim Farley.
Source - Department of Energy
Read more: