Official government announcements or funding reports

Biden Administration Invests $3 Billion in 25 Battery Projects Across 14 States

Sep 20, 2024, 04:05 PM

The Biden administration has announced a $3 billion investment to enhance domestic battery production across the United States. The funding will be allocated to 25 projects in 14 states, aiming to strengthen the supply chain for key battery components and reduce reliance on Chinese imports. Notable recipients include American Battery Technology Co., Albemarle, Forge Battery, Cabot Corporation, and Group14 Technologies, which is set to receive $200 million. South Carolina will benefit from nearly $850 million to boost advanced battery production. This initiative is part of a broader effort to expand the lithium-battery market, which is projected to grow up to ten-fold by 2030. The investment also aims to create approximately 18,000 jobs and marks the second round of EV battery funding under the bipartisan infrastructure law.