Biden administration to award $2.8B to boost EV battery manufacturing
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The White House administration under President Joe Biden is set to announce $2.8B in grants to boost domestic production of EV batteries and strengthen critical mineral supply chains.
Grants through the U.S. Energy Department will go to 20 manufacturing and processing companies in at least 12 states to develop battery-grade lithium, graphite and nickel.

The projects being funded include the first large-scale domestic commercial lithium electrolyte salt production facility, first commercial silicon oxide production facilities for anode materials and first lithium iron phosphate cathode facility.
Funds will also go towards an electrode binder facility that will be able to supply 45% of anticipated U.S. demand in 2030.
The latest grants will follow the first $900M in federal funding that was approved by the administration in September to establish EV charging stations across 35 U.S. states. The funding was part of a $1T bipartisan infrastructure law approved in Nov 2021.
Potential beneficiaries include: Tesla (TSLA), ChargePoint (CHPT), EVgo (NASDAQ:EVGO), Blink Charging (BLNK), Wallbox (WBX), Allego (ALLG), Ads-Tec Energy (ADSE), Albemarle (ALB), QuantumScape (QS), Microvast (MVST), FREYR (FREY).