On Wednesday, Reuters reported that U.S. President Biden’s administration is likely to award $2.8 billion in grants in a bid to boost the manufacturing of electric vehicle batteries and domestic mineral production in the United States, citing a White House official.
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The U.S. Energy Department has awarded these grants to 20 manufacturing and processing companies, among them Albemarle Corp (ALB) and Piedmont Lithium (PLL) across 12 U.S. states.
These funds will be used to develop sufficient battery-grade lithium, graphite, and nickel and will be also used to setup U.S.’s first large-scale, commercial lithium electrolyte salt production facility.
The White House will also launch an initiative, called the American Battery Material Initiative, “to strengthen critical mineral supply chains as automakers race to expand U.S. electric vehicle and battery production.”
Reuters stated citing the White House official that as a part of this initiative, projects will include, “retrofitted, and expanded commercial-scale domestic facilities to produce battery materials, processing, cell components, and battery recycling and demonstrations.”
Other companies likely to benefit from this initiative include: