$30 Million Investment in Critical Minerals Supply Chain

author: FutureCar Staff    

Funding from President Biden's Investing in America Agenda will have a wide range of positive impacts on the United States. The U.S. Department of Energy (DOE) has announced that up to $30 million will be allocated to help lower the costs of onshore production of rare earths and other critical minerals and materials from domestic coal-based resources. This funding, provided by the Bipartisan Infrastructure Law, aims to meet the growing demand for critical minerals within the country while reducing reliance on offshore supplies.

Rare earths and other critical minerals play a vital role in U.S. manufacturing of clean energy technologies, including solar panels, wind turbines, electric vehicles, and hydrogen fuel cells. By extracting these materials from coal, coal waste, and associated by-products, the nation can simultaneously create good-paying jobs in communities that have historically relied on fossil energy resources. This initiative supports President Biden's commitment to revitalizing energy communities and ensuring equitable access to benefits through the Justice40 Initiative.

U.S. Secretary of Energy Jennifer M. Granholm praised President Biden's Investing in America agenda for its contribution to rebuilding America's manufacturing sector. By enhancing the country's ability to produce critical minerals, the agenda supports the development of clean energy technologies and reduces reliance on foreign supply chains. Furthermore, the investments made through this agenda will create high-quality jobs in communities that have been instrumental in powering the nation for generations.

The United States currently imports over 80% of its rare earth demand from non-domestic suppliers, according to the U.S. Geological Survey's National Mineral Information Center. However, rare earth elements are naturally occurring resources found domestically, including in coal and coal wastes. To tap into this unconventional resource, the funding opportunity announcement released today seeks to establish a domestic supply chain critical to the U.S. economy, clean energy, and national security.

The program will provide funding for research focused on laboratory and bench-scale testing of economically viable and environmentally friendly extraction, separation, and refining technologies. The initial focus will be on unconventional coal-based resources, with the goal of producing rare earths and critical minerals for use in clean energy, national defense, and commercial commodity products and equipment.

With these investments and initiatives, President Biden's Investing in America Agenda is set to have a significant impact on job creation, national security, energy communities, and the development of a clean energy economy in the United States.

Source: Company Press Release

FutureCar Staff