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In whole, there’s $2.8 billion for 20 initiatives throughout 19 firms. (Ascend Components, a recycling and refining firm, received two grants for 2 completely different steps of their course of, totaling practically half a billion {dollars}.)
Right here’s what caught out to me in regards to the awards:
- The funding is essentially for commercialization, not analysis, so there’s so much right here that would shortly have an effect on markets.
- There appears to be a give attention to lithium processing, with 4 firms profitable grants on this space. Nickel and graphite processing additionally made the checklist.
- Firms making lithium iron phosphate batteries acquired a few grants. This chemistry is a lower-cost, barely lower-performance model of lithium-ion batteries. These are a rising a part of the market and will develop into much more necessary since they don’t comprise cobalt, one of many metals that specialists are most frightened about.
- Silicon anodes received a few grants—these aren’t used extensively as we speak in EVs however might be coming quickly, and can seemingly assist push vary greater. (Extra on that tech right here.)
One winner
After the announcement, I spoke with Ryan Melsert, CEO of American Battery Know-how Firm (ABTC). ABTC is a battery supplies firm working each on battery recycling and on a brand new methodology of lithium extraction and refining.
The corporate obtained about $58 million to construct a commercial-sized lithium processing facility in Nevada. The venture was already in progress, however the inflow of federal money actually helped pace up the timeline, Melsert says. “We’re proud of the tailwinds now we have and the assist we’ve obtained,” he says.
However ABTC continues to be looking out for much more funding alternatives, particularly to assist their mining actions, Melsert says. He has his eyes on the Protection Manufacturing Act, which President Biden enacted earlier this yr to assist battery provide within the US and shall be targeted largely on mining.
It’s not all in regards to the cash although. “I believe there are nonetheless extra hurdles to undergo,” Melsert says. The allowing course of specifically might be a barrier to its and different new mining initiatives.
What’s subsequent
There’s loads extra money the place this funding got here from. Count on to see billions extra in grants from the Bipartisan Infrastructure Legislation handed out to battery firms within the coming months.
There’s additionally funding from the CHIPS and Science Act, the Inflation Discount Act, and the Protection Manufacturing Act coming. It’s like local weather tech Christmas!
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