According to the Zhitong Finance and Economics app, the Biden administration announced on Friday that it will allocate over 3 billion dollars to 25 battery manufacturing projects in 14 states to promote domestic production of key materials for electric autos. The US Department of Energy stated that by the end of this decade, the lithium battery market could expand by 5-10 times, making domestic investment crucial. This is the second round of funding provided by the US government for electric car battery projects, with the Department of Energy previously allocating 1.8 billion dollars for 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, with the stock rising over 5% in pre-market trading. Albemarle (ALB.US) received 67 million dollars to revamp a factory in North Carolina for the production of anode materials for the next generation of lithium-ion batteries. Honeywell (HON.US) will receive 126 million dollars to build a commercial-scale factory in Louisiana to produce key electrolyte salts required for lithium batteries. Dow Inc (DOW.US) received 100 million dollars to produce battery-grade carbonate solvent for lithium-ion battery electrolytes. The joint venture SWA Lithium LLC, consisting of Standard Lithium (SLI.US) and Equinor (EQNR.US), received 225 million dollars to produce lithium carbonate using direct lithium extraction technology.