{"id":36828,"date":"2023-09-04T10:05:35","date_gmt":"2023-09-04T09:05:35","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=36828"},"modified":"2024-01-19T15:26:44","modified_gmt":"2024-01-19T15:26:44","slug":"15-5bn-funding-will-retrofit-existing-production-plants-to-drive-ev-manufacturing-in-the-us","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/15-5bn-funding-will-retrofit-existing-production-plants-to-drive-ev-manufacturing-in-the-us\/36828\/","title":{"rendered":"$15.5bn funding will \u2018retrofit\u2019 existing production plants to drive EV manufacturing in the US"},"content":{"rendered":"
In addition to boosting EV manufacturing in the US, the funding will be employed to advance domestic EV battery manufacturing capabilities and reduce dependency on critical raw material imports.<\/p>\n
The government will make $2bn of the funding available in grants and $10bn in loans to help existing automakers convert their operations into EV production.<\/p>\n
Larger funding is available to operations that retain collective bargaining agreements or have an existing high-quality, high-wage hourly production workforce.<\/p>\n
The Department of Energy (DOE) has also revealed a Notice of Intent<\/a><\/strong>\u00a0that makes $3.5bn of the funding available to increase domestic battery production for EVs and the country\u2019s grid and to reduce battery material imports.<\/p>\n Vehicle manufacturers can apply for assistance via financial grants through DOE\u2019s Office of Manufacturing and Energy Supply Chains (MESC) or debt financing through DOE\u2019s Loan Program Office.<\/p>\n Jennifer Granholm, the US Secretary of Energy, said: \u201cPresident Biden is investing in the workforce and factories that made our country a global manufacturing powerhouse.<\/p>\n Today\u2019s announcements show that President Biden understands that building the cars of the future also necessitates helping the communities challenged by the transition away from the internal combustion engine.\u201d<\/p>\n Under the Domestic Manufacturing Conversion Grants<\/strong><\/a>\u00a0for electrified vehicles program, $2bn of the funding will retrofit long-standing facilities into plants for EV manufacturing in the US.<\/p>\n It will provide cost-share grants for producing hybrid, plug-in electric hybrid, plug-in electric drive, and hydrogen fuel cell electric vehicles.<\/p>\n It will expand to support light-, medium-, and heavy-duty electrified vehicles and components and support commercial facilities, including those for vehicle assembly, component assembly, and related vehicle part manufacturing.<\/p>\n Selected projects must contribute to the Justice40 Initiative, which aims to advance diversity, equity, inclusion, and accessibility in the US so that every community benefits from the energy transition.<\/p>\n Projects must submit concept papers by October 2, 2023, with the deadline for full applications being December 7, 2023.<\/p>\n Additionally, under the Advanced Technology Vehicles Manufacturing Loan Program, the DOE is making \u00a310bn available for conversion projects that retain high-quality jobs in communities that currently host manufacturing facilities.<\/p>\n Projects looking to convert or directly replace an existing factory that has high-quality jobs will be assessed by the DOE.<\/p>\n They will examine how the proposed conversion will impact EV manufacturing in the US and its contribution to the local economy, employment history, anticipated employment, and duration of its existence.<\/p>\n Under the Notice of Intent, $3.5bn will be utilised to develop new and retrofitted commercial facilities for battery materials, components, and cell manufacturing.<\/p>\n This will reinforce the US as a global leader in EV battery production and safeguard the nation from volatile supply chain issues<\/a>.<\/p>\n The funding will support communities with experienced automakers, historical battery production, excellent workforce practices, and who plan to create high-quality jobs.<\/p>\n","protected":false},"excerpt":{"rendered":" Read how $15.5bn funding will be used to retrofit existing car production plants to accelerate EV manufacturing in the US.<\/p>\n","protected":false},"author":15,"featured_media":36868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24425],"tags":[24203,24163,24555],"acf":[],"yoast_head":"\nHow will retrofitting increase EV manufacturing in the US?<\/h3>\n
Strengthening battery manufacturing and domestic supply chains<\/h3>\n