$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 country, including job creation, national security, the revitalization of energy communities, and the development of a clean energy economy.

To support this agenda, the U.S. Department of Energy (DOE) has announced that it will allocate up to $30 million to lower the costs of onshore production of rare earths and other critical minerals and materials. This funding, provided by the Bipartisan Infrastructure Law, aims to meet the increasing demand for these minerals within the United States while reducing reliance on offshore supplies.

Rare earths and critical minerals play a crucial role in the manufacturing of clean energy technologies, such as solar panels, wind turbines, electric vehicles, and hydrogen fuel cells. By extracting these materials from domestic coal, coal waste, and associated by-products, the DOE not only supports President Biden's climate agenda but also creates well-paying jobs in communities that have historically relied on fossil energy resources.

U.S. Secretary of Energy Jennifer M. Granholm emphasized the importance of President Biden's agenda in rebuilding America's manufacturing sector and enhancing the country's ability to produce critical minerals for clean energy technologies. The investments made through this agenda aim to reduce reliance on foreign supply chains while generating high-quality jobs in communities that have played a significant role 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 in domestic coal and coal wastes. The funding opportunity announced today seeks to tap into this unconventional resource and develop a domestic supply chain that is critical to the U.S. economy, clean energy initiatives, and national security.

The program will provide funding for research and development of economically viable and environmentally friendly extraction, separation, and refining technologies. It will focus on unconventional coal-based resources, aiming to produce rare earths and critical minerals that can be used in clean energy technologies, national defense applications, and various commercial products and equipment.

Overall, the funding from President Biden's Investing in America Agenda will have far-reaching benefits, including job creation, strengthening national security, revitalizing energy communities, and building a sustainable clean energy economy.

Source: Company Press Release

FutureCar Staff