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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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US unveils up to $3.5 bln funding to boost domestic battery manufacturing

U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead
U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead of a conversation with Daniel Yer... U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead of a conversation with Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'Hare/File Photo
U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead
U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead of a conversation with Daniel Yer... U.S. Secretary of Energy Jennifer Granholm delivers a speech ahead of a conversation with Daniel Yergin, the vice chairman of S&P Global, during the CERAWeek energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'Hare/File Photo

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The U.S. unveils up to $3.5 billion in funding to boost domestic battery manufacturing. On Wednesday, the United States Department of Energy said that it will allocate up to $3.5 billion from the infrastructure law that former Vice President Joe Biden signed in 2021 in order to improve domestic manufacturing of batteries and battery materials.

The financing will be used, among other things, to build domestic facilities for essential minerals, next-generation technologies, and lithium-based technologies, among other things. The goal is to strengthen battery production and supply networks.

Jennifer Granholm, the Secretary of Energy for the United States, was quoted in a press release as saying that “Positioning the United States front and center to meet the growing demand for advanced batteries is the way that we can boost our global competitiveness, maintain and create jobs that pay well, and strengthen our clean energy economy.”

The global electric vehicle (EV) battery supply chain is dominated by China, and the restriction that country put on the anode material graphite in October has contributed to increased uncertainty in the market.

According to a letter that was seen by Reuters, two Democratic senators from the United States wrote to the Energy Department earlier this month requesting that efforts be taken to enhance U.S. battery manufacture and research into next-generation batteries. They cited China’s dominance in the industry as well as export limitations.


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