Biden Bolsters the Federal Green Car Loan Program autoweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from autoweek.com Daily Mail and Mail on Sunday newspapers.
In EV era, batteries are the new oil
Illustration: Sarah Grillo/Axios
At the very moment the United States is ramping up electric vehicle development manufacturers are running up against the weakest link in the supply chain a shortage of battery materials.
Why it matters: The bottleneck puts the United States at a major disadvantage to China, which controls most of the world s battery minerals mining and processing.
Without further action, the U.S. risks becoming as dependent on imported batteries as it was on foreign oil or repeating mistakes of the past with solar panels or smartphones which are now made primarily overseas.
Lordstown Motors, after showing a net loss of $125 million in Q1 and reporting that initial production will be limited, now says that it needs a cash injection.
Lordstown Motors loses $125M, cuts production estimate in half wfmj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wfmj.com Daily Mail and Mail on Sunday newspapers.
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To promote U.S. offshore wind projects, the Biden administration recently extended the Title XVII Innovative Energy Loan Guarantee Program (the “Title XVII Program”) to offshore wind and offshore transmission developers, suppliers, and other financing partners and has set certain criteria on eligibility for these federal loan guarantees.
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Overview of the Title XVII Loan Guarantee Program
The Title XVII Program is run by the Loan Programs Office of the Department of Energy (“DOE”), which also administers the Advanced Technology Vehicle Manufacturing direct loan program and the Tribal Energy Loan Guarantee Program. With $3 billion in loan guarantees now earmarked for offshore wind projects, the Title XVII Program will provide financial support to the development of offshore wind projects.