The Biden Administration just announced new steps to strengthen critical U.S. supply chains, which will include large capacity lithium batteries. In fact, according to CNBC, “The Department of Energy is aiming to release a 10-year plan to develop a domestic lithium battery supply chain capable of producing the batteries that power electric vehicles. The agency’s Advanced Technology Vehicles Manufacturing Loan Program will distribute $17 billion in an effort to support new research and manufacturing efforts in the United States.”
That could be beneficial news for companies such as E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), Lithium Americas (NYSE:LAC)(TSX:LAC), American Lithium Corp. (TSXV:LI)(OTC:LIACF), and Piedmont Lithium (NASDAQ:PLL).
According to a U.S. Department of Energy Fact Sheet, “With the global lithium battery market expected to grow by a factor of five to ten by 2030, it is imperative that the United States invests immediately in scaling up a secure, diversified supply chain for high-capacity batteries here at home. That means seizing a critical opportunity to increase domestic battery manufacturing while investing to scale the full lithium battery supply chain, including the sustainable sourcing and processing of the critical minerals used in battery production all the way through to end-of-life battery collection and recycling.”