US Government Gives Grants Worth $2.8B to Build Up EV Batteries Supply Chain
NEW YORK, Nov. 8, 2022 /PRNewswire/ -- The United States is continuing to build its domestic EV battery supply chain. The Biden administration has awarded grants totaling $2.8 billion for developing electric vehicle (EV) battery manufacturing facilities in the United States, as the country works to reduce its reliance on Asia. President Joe Biden has set a goal of electrifying half of all new vehicles sold by 2030. Demand for critical minerals critical for EV batteries is expected to skyrocket in the next decade due to increased EV sales, which Biden is calling "one of the most significant economic transitions since the Industrial Revolution." According to the US Department of Energy, the approved projects will eventually supply enough lithium to produce 2 million EVs, enough graphite to produce 1.2 million EVs, and enough nickel to produce 400,000 EVs per year. Albemarle (NYSE:ALB), Talon Metals (TSX:TLO) (OTCPK:TLOFF), and American Battery Technology Co (OTCQB:ABML) are among the companies that have received funding. Meanwhile, FE Battery Metals Corp. (CSE:FE) (OTCQB:FEMFD) and Sayona Mining Limited (OTCQB:SYAXF) are driving the electric future with their lithium mining projects.
- NEW YORK, Nov. 8, 2022 /PRNewswire/ -- The United States is continuing to build its domestic EV battery supply chain.
- Several historical drill hole collars were also located on the Property, which helped in the current program's location and orientation of drill holes.
- A B-20 drill rig is deployed for this work, which can drill up to a 1,000-meter-deep hole.
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