US Department of Energy pledges $1 billion in critical mineral funds

The U.S. Department of Energy has announced close to $1 billion in funding opportunities for stimulating domestic mining, processing, and manufacturing ventures involving critical minerals in a bid to reduce the country’s dependence on imports.

About half of the total will go towards battery manufacturing and recycling, despite the Trump administration’s negative attitude towards electric vehicles, which drove the growth of battery tech during the Biden administration.

They will grant the money to projects focusing on battery metal mining, including, besides lithium, nickel, copper, aluminum, and graphite, as well as rare earth elements used in batteries.

The Department of Energy requires a minimum 50% co-funding commitment by corporations applying for federal funding under the new program.

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Source: Oil & Gas 360

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