$2.5B for 20 EV Companies (Department of Energy Grants)
Updated: Oct 19
Dallas, Texas - On this date, October 19th, the Department of Energy announced $2.5B worth of Grants for 20 EV related companies, multiple traded on the New York Stock Exchange (NYSE). From major lithium mining companies, to battery manufacturing, to battery recycling, which publicly traded companies made the list?
$149M - Albemarle (NYSE: ALB)
Silver Peak, NV is home to the only lithium mine in the United States and is owned by Albemarle. The $149M Funds will be used for their lithium processing plant in North Carolina. This plant will allow Albemarle to produce enough battery grande lithium hydroxide to domestically produce 750,000 EVs per year. More information below.
EV-News' Editor in Chief has visited the Silver Peak Mine in Nevada.
$141M - Piedmont Lithium (NYSE: PLL)
Etowah, Tennesse will service as the processing location of 30,000 tones of lithium hydrodate per year. With a total investment of over $570M, Etowah will house the second* largest lithium processing plant in the United States.
*Albemarle's North Carolina plant will produce 50,000 ton.
$200M - MicroVast (NYSE: MVST)
& General Motors (NYSE: GM)
Clarksville, Tennessee - MicroVast and General Motors will collaborate to build a specialized separator. This separator will be able to produce 19.2 gigawatt hour (GwH) of EV batteries. That will be in addition to their 2 GwH battery manufacturing plant. The separator plant will be built in a new, unannounced, facility location. The grant is categorized under component manufacturing.
$219M - Syrah Technologies (OTC: SYAAF)
Vidalia, Lousiana - Syrah Resources announced that trading has been halted until market open on Friday, October 21st, 2022.
Graphite active anode material (AAM) producer, Syrah, will use the funds to expand their Louisiana facility from 11,250 tons per year to 45,000 tons. By 2026, AAM demand is expected to be 500,000 tons per year. Syrah will receive its graphite from Mozambique.
$57M - American Battery Technology Company (OTC: ABML)
Forney, NV - Recycling company American Battery Technology Company will use the $57M to build a commercial processing plant for their 10,000 acre lithium bearing sedimentary resources land. The plant will have capabilities of producing 5,000 ton of Lithium hydroxide with expansion possibilities to 30,000 ton per year.
$114M - Talon Metals (OTC: TLOFF)
&TESLA (NYSE: TSLA)
Mercer County, North Dakota - Talon Metal is a being dubbed a "double-play" battery mineral processing facility. With an established partnership with Tesla, Syrah will process nickel ore, as well as other minerals such as copper, iron, and cobalt.
Department Of Energy Bipartisan Infrastructure Law
This is just the beginning of a series of funding from the federal level allocated to the EV industry. Today's funding is a great step towards building a domestic EV supply chain. I am working on my MBA in Supply Chain Management with a focus on Lithium and Rare Earth Mining. Completing the lithium, graphite and nickel processing locally is a positive step in the right direction. The aforementioned companies are expected to process over 100,000 tons of lithium hydrate per year. The current amount of lithium mined in the United States today is 5,000 tons per year. I anticipate more funding becoming available for lithium and mineral mining in the near future. Please note, this is not financial advise. As always, know what you own.