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Which company will receive the largest share of the $3 billion allocation by the end of 2024?
2
Biden•United States•Albemarle•Forge Battery•Cabot Corporation•Group14 Technologies•China•South Carolina•Michigan
Resolution / Starting Odds
American Battery Technology Co. • 25%
Albemarle • 25%
Forge Battery • 25%
Group14 Technologies • 25%
U.S. Energy Department official reports and press releases
Story
Biden Administration Allocates $3 Billion to Boost U.S. Battery Production Across 25 Projects in 14 States
Sep 20, 2024, 04:05 PM
The Biden administration has announced a $3 billion allocation to enhance battery production in the United States. This investment aims to strengthen domestic production and secure the supply chain for key components, particularly in the electric vehicle (EV) sector. The U.S. Energy Department plans to award the funds to 25 battery manufacturing sector projects across 14 states. Notable recipients include American Battery Technology Co., Albemarle, Forge Battery, Cabot Corporation, and Group14 Technologies. Forge Battery is set to receive $100M, Cabot Corporation $50M, and Group14 Technologies $200 million for a 7200 metric ton silane factory. The initiative is part of a broader effort to reduce reliance on China for battery production and is expected to create around 18,000 jobs. Nearly $850m will be invested in South Carolina, while Michigan secures $355 million. The funding also marks the second round of EV battery funding under the bipartisan infrastructure law.
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