The Biden administration will speed up, via grants to the private sector, $3.16 billion in funding for U.S.-made lithium ion batteries used in electric vehicles.
The Biden administration will speed up, via grants to the private sector, funding for U.S.-made lithium ion batteries used in electric vehicles as part of a broader push to distance the country from Russian energy and try to speed up a slow supply chain for EVs.
“What we’re announcing today is really a fully domestic battery supply chain with investments in battery recycling that’s actually going to grow the kind of circular economy we really need,” said Gina McCarthy, the White House’s national climate adviser. As such, lithium prices logged a 77% increase during 2021, and nickel prices have roughly doubled over the past 12 months. Gasoline RB00, -0.55% futures prices, meanwhile, are up over 78% from where they stood a year earlier as the Russian-Ukraine conflict and a post-COVID-19 economic recovery roils energy markets.
“And we’ve seen even in just recent days, [Russian President Vladimir] Putin trying to use Russia’s energy supply as a weapon against other nations,” he said. “And that underscores why it’s so important that we in the United States… underwrite our own energy security, and building a reliable supply chain for batteries and storage and electric vehicle TSLA, +3.70% RIVN, +4.
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