$30 Million Investment in Critical Minerals Supply Chain

author: FutureCar Staff    

Funding from President Biden's Investing in America Agenda will have a significant impact on various aspects of the United States. The U.S. Department of Energy (DOE) has announced that it will provide up to $30 million to support the onshore production of rare earths and other critical minerals from domestic coal-based resources. This funding, made possible by the Bipartisan Infrastructure Law, aims to meet the increasing demand for critical minerals in the country while reducing reliance on offshore supplies. These minerals play a crucial role in the manufacturing of clean energy technologies, such as solar panels, wind turbines, electric vehicles, and hydrogen fuel cells, which aligns with President Biden's climate agenda. Additionally, extracting these materials from coal and associated by-products will create job opportunities in communities that have traditionally relied on fossil energy resources, supporting the administration's commitment to revitalizing energy communities through the Justice40 Initiative.

The U.S. Secretary of Energy, Jennifer M. Granholm, emphasized the importance of President Biden's Investing in America agenda in rebuilding the country's manufacturing sector. By investing in the production of critical minerals, the United States can enhance its ability to develop clean energy technologies and reduce dependence on foreign supply chains. This, in turn, will result in the creation of high-quality jobs in communities that have been instrumental in powering the nation for generations.

The United States currently imports more than 80% of its rare earth demand from non-domestic suppliers, as reported by the U.S. Geological Survey's National Mineral Information Center. However, rare earth elements are naturally abundant in domestic coal and coal wastes. To harness this unconventional resource, the funding opportunity announcement released today aims to establish a domestic supply chain that is critical to the economy, clean energy, and national security. The program will fund research for the development of extraction, separation, and refining technologies that are economically viable and environmentally friendly. Starting with unconventional coal-based resources, these technologies will enable the production of rare earths and critical minerals for use in clean energy, national defense, and commercial commodity products and equipment.

The investment from President Biden's agenda will not only create jobs and strengthen national security but also contribute to the development of a clean energy economy. By reducing reliance on offshore supplies and tapping into domestic resources, the United States can establish a sustainable supply chain for critical minerals. This will support the manufacturing of clean energy technologies and advance the country's climate agenda. Furthermore, the revitalization of energy communities through the Justice40 Initiative ensures that the benefits of these developments reach all segments of society.

The funding provided by the Bipartisan Infrastructure Law is a transformative investment that will have far-reaching effects. It demonstrates the commitment of the Biden-Harris Administration to building a resilient and sustainable future for the United States.

Source: Company Press Release

FutureCar Staff