All articles tagged with #domestic supply chain
MP Materials' stock surged 51% after the U.S. Department of Defense announced agreements including investments and loans to build a domestic rare earth magnet supply chain, reducing reliance on China, which currently dominates the market. The deal includes a floor price for key materials, ensuring MP's profitability and supporting U.S. strategic interests in advanced technology and national security.
The Energy Department is offering a $2.3 billion loan to Lithium Americas to boost domestic lithium production for electric vehicle batteries. The loan would fund the construction of a lithium carbonate processing plant at Thacker Pass in Nevada, which contains the largest known lithium deposit in North America. This move aims to strengthen the domestic supply chain for critical minerals and support the Biden administration's goal of reaching net zero emissions by 2050 through the broader adoption of electric vehicles.
The Biden-Harris Administration has announced up to $3.5 billion in funding from the Bipartisan Infrastructure Law to strengthen domestic battery manufacturing in the United States. The investment aims to create new and expanded facilities for battery-grade processed critical minerals, battery precursor materials, battery components, and cell and pack manufacturing. The funding supports the administration's goals of reaching a net-zero emissions economy by 2050, increasing electric vehicle sales, and building a domestic supply chain. The initiative prioritizes creating good-paying union jobs and reducing reliance on foreign entities for critical minerals and battery materials. The Department of Energy is administering the funding and is accepting concept papers until January 9, 2024.
The Biden-Harris Administration is investing $600 million in 12 domestic COVID-19 test manufacturers to strengthen the U.S. supply chain and promote access to COVID-19 tests. This investment will secure approximately 200 million over-the-counter tests for future federal government use. The awardees include Access Bio, Advin, Azure, CorDx, iHealth, InBios, Kwell Laboratories, Maxim Bio, OraSure Technologies, Princeton BioMeditech, Quidel, and Sekisui. Additionally, COVIDTests.gov will be reopened on September 25, allowing households to order four free tests. These efforts aim to improve preparedness for future pandemics, reduce reliance on overseas manufacturing, and create jobs for Americans.