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- The Biden administration announced a $2.8 billion investment on Tuesday to bolster domestic battery manufacturing for electric vehicles, aiming to reduce reliance on foreign supply chains and create...
- The $2.8 billion comes from the Bipartisan Infrastructure Law and is allocated to projects spanning the entire battery supply chain, from materials processing to cell manufacturing and recycling.
- The Department of Energy states that these investments are expected to create over 7,000 direct jobs and support the production of enough batteries to power over 3 million...
Biden Governance Announces $2.8 Billion Investment in Battery Manufacturing
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The Biden administration announced a $2.8 billion investment on Tuesday to bolster domestic battery manufacturing for electric vehicles, aiming to reduce reliance on foreign supply chains and create jobs. The funding will support 20 projects across 12 states, according to the department of Energy.
Funding Breakdown & Project Details
The $2.8 billion comes from the Bipartisan Infrastructure Law and is allocated to projects spanning the entire battery supply chain, from materials processing to cell manufacturing and recycling. Here’s a breakdown of key projects:
- Sycamore Energy (Louisiana): Received $200 million to build a graphite purification facility, aiming to process 25,000 metric tons of graphite annually.
- American Graphite (Washington): Awarded $192.5 million to establish a facility producing 25,000 metric tons of purified graphite per year.
- Ascend Elements (Kentucky): Granted $150 million to build a facility to recycle battery materials, with a capacity of 10,000 metric tons of black mass annually.
- Microvast (Tennessee): Received $141 million to expand production of advanced battery materials.
- Our Next Energy (Michigan): Awarded $131.8 million to build a new battery cell manufacturing facility.
The Department of Energy states that these investments are expected to create over 7,000 direct jobs and support the production of enough batteries to power over 3 million electric vehicles annually.
Administration Goals & Context
The Biden administration has set a goal for electric vehicles to comprise 50% of new car sales by 2030. This investment is a key component of that strategy, addressing concerns about the concentration of battery material processing and manufacturing in China.According to a February 2024 report by the International Energy Agency, China currently controls approximately 70% of the world’s battery cell manufacturing capacity.
“This is a game changer for American manufacturing and the future of electric vehicles,” said Secretary of Energy Jennifer Granholm in a press release. “These projects will not only create thousands of good-paying jobs, but also ensure that America leads the world in the clean energy transition.”
State-by-State Investment
The 20 projects are located in the following states:
- Alabama
- Georgia
- Kentucky
- Louisiana
- Michigan
- Missouri
- Nevada
- New York
- Ohio
- pennsylvania
- Tennessee
- Washington
Further details on each project are available on the Department of Energy’s website: https://www.energy.gov/infrastructure/battery-materials-processing-and-manufacturing