Biden administration to invest $3 billion in boosting lithium battery production

With everything going on around the world, White House is not waiting for the dust to settle and is pushing to limit or end America’s reliance on foreign suppliers. With this latest move the administration is planning to support local companies specialising in manufacturing and recycling of lithium batteries. This is in addition to the Executive Order issued last week that focused on increasing mining of lithium and other materials critical for EV manufacturing. President Biden is serious about his plans for half of all new cars in the US being EVs by 2030.

The funds will be distributed as grants to companies involved in either manufacturing or recycling of lithium based batteries. The aim is to boost production, create new jobs and end reliance on foreign sources, which is causing serious delays recently. It is a part of a larger movement in America aiming to boost security of resources. As many as 30 companies will be awarded grants on a basis of 50-50 investment where the government will match the funds put down by the company with a minimum of $50 million required.

America has around 2.5 million electric cars and nearly 800,000 of those have been sold since Biden became president. It’s good to see the government realising the importance of securing supplies in order to meet environmental targets. Let's hope this money will be well spent.

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