The Biden administration plans to allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, according to media reports.
The funds will be allocated by the Department of Energy from the $1 trillion infrastructure bill President Biden signed last year and will boost the production of the advanced batteries critical to clean-energy industries, including electric vehicles and energy storage. The funding, proposed in February by the U.S. Department of Energy, is in line with the Bipartisan Infrastructure Law proposed in August 2021 and passed in November.
Among the initiatives will be the processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said.
The administration wants half of all new vehicles sold in the U.S. to be electric by 2030, a goal Biden hopes will boost unionized manufacturing jobs in key election battleground states, help the U.S. to compete with Ch