The United States Department of Energy is dedicating $15.5 billion to support the transition to electric vehicles.
As part of President Joe Biden’s Investing in America agenda, most of the money will go to automakers and suppliers to retool their plants to produce electric, hybrid and hydrogen fuel cell electric vehicles, the agency said Thursday. A total of $12 billion ($2 billion in grants and $10 billion in loans) will directly support automotive manufacturing conversion projects for light-, medium- and heavy-duty EVs.
The remaining $3.5 billion will go toward expanding domestic manufacturing of batteries for EVs and the nation’s grid, as well as battery materials and components that have historically been imported from other countries. This is the second tranche of funding for battery materials and manufacturing that the DOE has ma …
