November 29, 2022

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More than $ 3.1 billion for US battery production

More than $ 3.1 billion for US battery production

About $ 3.16 billion will be subsidized to produce key metals for batteries such as lithium, cobalt and nickel, ”said Dave Howell, deputy director of the company’s production and energy supply chains. Department of Energy.

Peace plan

“These subsidies are aimed at reducing US dependence on China – led rivals,” Howell said. “In addition, the decision supports President Joe Biden’s plan to generate half of U.S. auto sales by electric cars by the end of this decade.”

“The move will help boost domestic US battery production, make the country safer and boost higher-paying job creation,” said Mitch Landrieu, a White House infrastructure expert.

“This plan will help combat climate change and the rise in oil and gas prices following the Russian invasion of Ukraine.”

Jennifer Cronhome, US Secretary of Energy, recently said that renewable energy is the largest peace project the world has ever known.

Funding for the project will come from the Infrastructure Act, which was signed last year, which provided a $ 550 billion budget. Of that, $ 7 billion was allocated to produce electric batteries domestically.

Mobilization

Currently, lithium, cobalt and other important minerals for batteries are mainly processed in Asia. China alone controls about 80 percent of the global processing and refining of these important minerals.

“Despite strong demand for electric vehicles, supply chain problems threaten to create significant disruptions,” said Chris Nevers, CEO of automaker Rivian.

“The United States has the mineral resources and industrial capacity to build a complete domestic electric vehicle supply chain, but realizing those ambitions will require massive mobilization from the federal government.”

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On the other hand, Venkat Srinivasan, director of the Joint Center for Energy Saving Science at Argon National Laboratory, stressed that the United States has the potential to become a dominant power in energy saving technologies. “Now is a one-time opportunity to use that opportunity,” Srinivasan argued.

Electric vehicles and electric storage are projected to increase demand for lithium-ion batteries in the United States by 20 to 30 times over the next decade. “To take full advantage of those opportunities, a secure domestic supply chain is essential,” Srinivasan said.