$500 million DOE grants to seven battery companies under Trump administration
The U.S. Department of Energy awarded $500 million this August to seven firms involved in battery minerals, materials, manufacturing, or recycling as part of efforts to reduce reliance on China.
The Trump administration has allocated $500 million to seven companies working on battery minerals, materials, manufacturing, or recycling. The Department of Energy issued these awards in August as the first funding round under two programs established via the Infrastructure Investment and Jobs Act. Executives note this money comes from previously created Biden-era battery technology and materials initiatives. Richard Wang, CEO of Voya Energy, stated that many prior policies supporting battery manufacturing and electric vehicle funding have been reversed or shifted by the new administration. Despite these efforts, China retains a majority share of global positions across several stages of the battery supply chain, including raw minerals, chemicals, and finished energy storage systems. Analysts warn the $500 million allocation is modest compared with what is required to significantly decrease the industry's dependence on Chinese production.
