Tuesday 3 May 2022

US charges EV battery manufacturing with $3.1bn

The US has pledged to supercharge electric vehicle (EV) battery manufacturing with $3.1 billion (£2.4bn) as part of its new Bipartisan Infrastructure Law.

The US President said the investment will support the domestic production of advanced batteries designed to spur the public's interest in switching their old polluting vehicles to EVs.

Companies planning to build new EV battery factories and expand their existing plants will also benefit from the new funding.

The Biden Administration has also highlighted nearly $60 million (£47.8m) will be invested in EV battery recycling.

US Secretary of Energy Jennifer M. Granholm said: "President Biden’s historic investment in battery production and recycling will give our domestic supply chain the jolt it needs to become more secure and less reliant on other nations - strengthening our clean energy economy, creating good-paying jobs and decarbonising the transportation sector."

Last year, Joe Biden signed an executive order to upgrade the entire government fleet to EVs - the plan was expected to affect 645,000 vehicles.