US government announces $3.5B in funding for domestic battery manufacturing
The race to become a global battery manufacturing power continues apace.
The Biden Administration has announced $3.5 billion in funding to accelerate the development of the country's battery manufacturing industry. According to this Department of Energy announcement, the Department of Energy is seeking proposals from US-based companies to "boost domestic battery manufacturing and supply chains to effectively support the clean energy transition."
Sounds like the money will be given to companies involved in the mining and processing of minerals used in batteries – including non-lithium batteries – as well as the manufacturing of advanced batteries and battery components, to ensure the US remains competitive (*cough* dominates *cough*) in the North American battery supply chain.
Interesting to see the language in the announcement about supporting "the goal that 40% of the overall benefits of certain federal investments flow to underserved and overburdened communities (in accordance with the Justice40 Initiative)." Sounds like a great goal but – possibly dumb question here – does supporting the goal actually mean achieving it?
Interested companies have until March 19, 2024 to complete their funding applications.
You can read the AP's take on the government announcement here.