Environment

US Rolls Out Nearly $3B for EV Battery Production

OCT 19 2022·Updated OCT 20 2022

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Image credit: Reuters

The Facts

On Wednesday, the Biden administration announced it's awarding $2.8B in Dept. of Energy (DOE) grants to 20 manufacturing companies in 12 US states to boost domestic electric vehicle (EV) battery production.
Restoring America
Funds will also be used in the White House's (WH) American Battery Material Initiative to develop enough battery-grade lithium, graphite, and nickel, and the first large-scale commercial lithium processing facility.
Reuters
The grant money, which will be matched by private sector investments, will reportedly lead to 8k new jobs, 5k of which are expected to be permanent.
Yahoo! News
According to a WH fact sheet, the funding is also expected to develop enough lithium, graphite, and nickel to annually produce 2M, 1.2M, and 400k EVs, respectively.
Whitehouse
Virtually all minerals necessary for EV battery production are currently made abroad. The Biden administration's goal is to develop an electrode binder facility that will supply 45% of the anticipated domestic demand for binders for EV batteries in 2030 — with a target of 50% of new cars sold being EVs by that same year.
CNBC
The news comes on the same day BMW announced it would invest $1B in an EV factory in Spartanburg, South Carolina, as well as an additional $700M for an electric-battery plant nearby.
CBS News

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The Spin

Democratic narrative

Biden promised to enact the greatest climate change legislation in US history, and he's certainly living up to that promise. Not only is the president guiding America toward a renewable future, but he's also creating jobs for Americans that used to be shipped to other countries.

Verge

Republican narrative

Don't be fooled; this announcement is a political stunt solely meant to buy Democrat votes before the midterms. While Biden flashes his EV battery grants before your eyes, he wants you to ignore that he's currently releasing millions of barrels of oil in a failed attempt to fight inflation. He doesn't care about the environment or your pocketbook, only power.