• About NowNewsgh.com
  • Absa determined to take the lead in sustainable Banking in Africa
  • Advertise with Us
  • All News
    • Absa determined to take the lead in sustainable Banking in Africa
  • Our Terms and Conditions
  • Privacy Policy
  • Youth unemployment can be solved by Academia and industry collaboration– Economist
Sunday, January 29, 2023
Now News Ghana
Advertisement
  • Business News
  • World
  • Tech
  • Sports
  • Sustainability
No Result
View All Result
  • Business News
  • World
  • Tech
  • Sports
  • Sustainability
No Result
View All Result
Now News Ghana
No Result
View All Result
Home National News

Biden is investing more than $3 billion in the domestic battery supply chain

May 3, 2022
in National News, Sustainability
0
Biden is investing more than $3 billion in the domestic battery supply chain

Perhaps you’ve heard that batteries are in short supply. On Monday, the Biden administration announced that it plans to remedy the ongoing shortfall by providing nearly $3.2 billion in funding devoted to domestic lithium-ion battery manufacturing, processing and recycling.

“This funding announcement will punch above its weight in not only accelerating the transition to a clean transportation future, but also in securing one of the most important supply chains in the U.S. economy,” Brian Deese, director of the National Economic Council, told reporters.

READ ALSO

Young people must have a seat at the table – Rosy Fynn

German Football body president urges team to make amends at Euro 2024

Most of the advanced batteries that U.S. electric vehicle manufacturers rely on come from outside of the country, with China being a major supplier. This is largely because the U.S. is still lacking a cradle-to-grave battery supply chain, prompting concern that it could become dependent on foreign sources for the long haul. As the wild ride of nickel due to the Russian war against Ukraine shows, that could create a disaster if the supply chain gets too concentrated.

The nearly $3.2 billion in funding — which comes courtesy of the bipartisan infrastructure law passed last year — will be doled out in the form of cost-share grants to private U.S. companies, and require companies to match the federal funds. The minimum grant will be $50 million for existing plants and $100 million for new plants. The White House expects to fund anywhere from 16 to 30 grants in this initial round.

The infrastructure bill also included $7.5 billion for electric vehicle chargers, $5 billion for electric transit buses and $5 billion for clean and electric school buses. All of this money is essentially seed funding for kickstarting a real EV revolution, with the administration setting a goal of 50% of all vehicles sold in the U.S. being electric by 2030.

Deese said that Biden has prioritized the battery supply chain as a part of the administration’s comprehensive review of supply chains over the last year, in part because automakers have had to rely on “uncertain and unreliable” offshore suppliers.

The initial round of funding will not be directed to mining or extraction, though Mitch Landrieu, the White House’s senior adviser responsible for coordinating the law’s implementation, said in a press conference that “we need responsible and sustainable domestic sourcing of the critical materials used to make lithium-ion batteries such as lithium, cobalt, nickel and graphite.” In late March, President Joe Biden invoked the Defense Production Act to increase the country’s output of these minerals, requiring companies to prioritize federal rather than foreign contracts.

These steps come as demand for EVs surges at the same time as gas prices skyrocket. Snarled supply chains have added another layer of challenges. While the more than $3 billion won’t immediately fix these issues, it could help smooth what has so far been a bumpy transition.

ShareTweetShare

Related Posts

Young people must have a seat at the table – Rosy Fynn
Business News

Young people must have a seat at the table – Rosy Fynn

January 1, 2023
German Football body president urges team to make amends at Euro 2024
National News

German Football body president urges team to make amends at Euro 2024

December 25, 2022
$26K solar car now to roll out this year
Business News

$26K solar car now to roll out this year

July 5, 2022
Innovators earn $7m investment for Digitizing Distribution of Health Products
Business News

Innovators earn $7m investment for Digitizing Distribution of Health Products

June 22, 2022
National News

Mobile Phone Repairer senteced to 12 years jail term for sharing Lady’s Nudes

June 21, 2022
New designs for major drains completed to tackle Accra’s perennial flooding – GARID
National News

New designs for major drains completed to tackle Accra’s perennial flooding – GARID

May 16, 2022
Next Post
Serwaa Broni: CHRAJ responds to ASEPA petition to probe Akufo-Addo

Serwaa Broni: CHRAJ responds to ASEPA petition to probe Akufo-Addo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

50% of all women in relationships have a back-up partner in mind just in case – Study finds

50% of all women in relationships have a back-up partner in mind just in case – Study finds

June 7, 2020
Ghanaians blast Archbishop Duncan Williams for holding a demonic sword – Screenshots

Ghanaians blast Archbishop Duncan Williams for holding a demonic sword – Screenshots

May 28, 2020
Burundi President Pierre Nkurunziza dies of ‘cardiac arrest’ at 55

Burundi President Pierre Nkurunziza dies of ‘cardiac arrest’ at 55

June 9, 2020
Special police operation uncovers 3 headless bodies at fetish priest’s backyard

Special police operation uncovers 3 headless bodies at fetish priest’s backyard

May 1, 2020
7 trending pre-wedding photoshoot inspiration for 2020 couples

7 trending pre-wedding photoshoot inspiration for 2020 couples

July 23, 2020

EDITOR'S PICK

Emily Akuffo, wife of former head of state passes on

Emily Akuffo, wife of former head of state passes on

April 14, 2022
Don’t pay former MPs GH¢29.7m salary arrears – Domelevo advises government

Don’t pay former MPs GH¢29.7m salary arrears – Domelevo advises government

May 18, 2020
Four ‘One District One Factory’ firms granted tax waivers

Four ‘One District One Factory’ firms granted tax waivers

June 11, 2020
Invest in mining to sustain economic gains – Small-Scale miners to government

Invest in mining to sustain economic gains – Small-Scale miners to government

May 27, 2020

About

The NowNews Media is an online independent commercial company in Ghana.
The dream started in the late 80s, when the Founder established a small pirate FM radio in the Swanlake area in North Kaneshie , popularly called ISSAFM on 88.9FM with scraps and parts of discarded radio and Tv systems, as a radio and Tv repairer.

Follow us

Categories

  • AgriBusiness
  • Banking and Finance
  • Business News
  • Entertainments
  • Florian Gray-Business PR
  • Global Health
  • Health tit-bits
  • mining
  • National News
  • Newspaper Headlines
  • Opinion
  • Sports
  • Sustainability
  • Tech
  • World

Recent Posts

  • Ghana Gas saves $3m monthly by replacing Chinese engineers-Dr Ben Asante 
  • 30 OMCs licenses revoked for non-compliance
  • Alan Kyerematen resigns as Trade Minister
  • Bank of Ghana Takes Firm Control of Currency Market.
  • About NowNewsgh.com
  • Absa determined to take the lead in sustainable Banking in Africa
  • Advertise with Us
  • All News
  • Our Terms and Conditions
  • Privacy Policy
  • Youth unemployment can be solved by Academia and industry collaboration– Economist

© 2020 Now News Ghana - All Rights Reserved

No Result
View All Result
  • Home
  • Business News
  • World
  • Sports
  • Tech
  • Sustainability
  • Ghana Book

© 2020 Now News Ghana - All Rights Reserved