Biden admin awards $2.8 billion to ramp up US EV battery production

The Department of Energy is awarding $2.8 billion in grants to 20 companies across the US that will promote the production of materials to make EV batteries domestically, the Biden administration announced today. The funding comes from the Bipartisan Infrastructure Law, and it'll be part of a new "American Battery Materials Initiative," which aims to secure a supply of minerals for EVs and electric infrastructure (potentially things like home batteries). Given that the Biden administration wants to make EVs half of new US car purchases by 2030, we'll need a serious boost in battery production before then.