The United States has allocated over 3 billion dollars for 25 battery manufacturing projects, benefiting multiple companies.

The Biden administration announced on Friday that it will allocate over 30 billion dollars to 25 battery manufacturing projects in 14 states to promote domestic production of key materials for electric vehicles. The U.S. Energy Department stated that by the end of this decade, the lithium battery market could expand 5-10 times, making domestic investment crucial. This is the second round of funding provided by the U.S. government for electric vehicle battery projects, with the U.S. Energy Department previously allocating 1.8 billion dollars to 14 projects. Among the selected projects, American Battery Technology (ABAT.US) received 150 million dollars to establish a commercial-scale lithium-ion battery recycling facility in South Carolina, leading to a pre-market increase of over 5%. Albemarle Corporation (ALB.US) received 67 million dollars to reconfigure a factory in North Carolina to produce negative electrode materials for next-generation lithium-ion batteries. Honeywell International Inc. (HON.US) will receive 126 million dollars to construct a commercial-scale factory in Louisiana to produce critical electrolyte salts required for lithium batteries. Dow Inc. (DOW.US) received 100 million dollars to produce battery-grade carbonate solvents for lithium-ion battery electrolytes. The joint venture SWA Lithium LLC between Standard Lithium (SLI.US) and Equinor (EQNR.US) received 225 million dollars to produce lithium carbonate using direct lithium extraction technology.