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The DOE awarded $3 billion to 25 battery startups as part of the Battery Materials Processing and Battery Manufacturing and Recycling Programs.Image Credits:U.S. Department of Energy
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The federal government is pass on out another $ 3 billion to startups in the buzzy battery technical school sector .
The investment , which the Biden presidential term announce Friday , is the latest injection of Das Kapital to come from a $ 16 billion pot that the Department of Energy set up aside to build out local battery manufacturing , processing , and recycling facilities . It ’s part of the broaderInflation Reduction Act , which passed into legal philosophy in August 2022 and includes bonus to boost the domestic assault and battery industry and reduce trust on the earth ’s battery incumbent , China .
This tranche of support break to startup across 14 states , but there were certain winners that will see the volume of the expected 18,000 jobs to be created as a result of this financing . South Carolina fellowship secured the most funding , with five projects being awarded $ 850 million . For example , Cirba Solutionsgrabbed a $ 200 million bag to build , own , and engage a facility to process large - scale of measurement stamp battery - grade salts to abide the galvanizing vehicle market .
Four Michigan companies snag a entire $ 355 million in grant money . General Motors - backed Mitra Chemgot $ 100 million from the DOE and another $ 25 million from the state of Michigan ’s Competitiveness Fund . The company will partner with Sun Chemical to build a facility that will educate and invent lithium - iron phosphate materials for electric vehicles and assault and battery storage systems .
The DOE also present venture - back battery recycling startupAscend Elements$125 million , alongside chemical manufacture company Orbia , to build a recycled graphite production facility in Kentucky that convert graphite residue from Li - ion battery recycling and cathode material output into battery - form graphite .
The loans and grants will go to companies working across the battery supply chain , from decisive mineral extraction to production of cathode and anode materials , from electrolyte salt production to bombardment recycling .
Here ’s a inclination of all of the startups that have assure funds :
