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 be spent on battery manufacturing and recycling, despite the Trump administration’s negative attitude to electric vehicles, which drove battery tech growth during the Biden administration.

The money will be granted to projects focusing on battery metal mining, including, besides lithium, also 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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