How much money will Biden give to the battery industry?

The U.S. Energy Department said Friday it plans to award $3 billion to 25 battery manufacturing sector projects in 14 states as the Biden administration works to shift the supply chain away from China.

Is the United States ready for the lithium-ion battery market?

With the global lithium-ion battery market expected to grow rapidly over the next decade, DOE is making it possible for the United States to be prepared for market demand.

How many jobs will a new Lithium Project create?

The DOE predicts the funding will create 12,000 jobs, 8,000 of which would be in construction. Two projects chosen to potentially receive the largest sums of money are meant to produce lithium from brine, each tentatively earmarked to receive up to $225 million in funding.

Will rising demand increase the lithium battery market?

The Energy Department, which is awarding the funding through its Office of Manufacturing and Energy Supply Chains, has said rising demand may increase the lithium battery market by fivefold to tenfold by the end of the decade, making domestic investment essential.

How much money will the US Department of energy spend on batteries?

The US Department of Energy announced today plans to dole out more than $3 billion to over two dozen battery projects across 14 states. The money will go toward processing critical minerals, building batteries and their components, and recycling batteries.

How will a new battery project benefit the United States?

The funding is expected to be made available in the coming months and will ensure that the United States can produce batteries, as well as the materials that go into them, to increase economic competitiveness, energy independence, and national security.