{"id":50013,"date":"2024-08-09T09:19:05","date_gmt":"2024-08-09T08:19:05","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=50013"},"modified":"2024-08-09T09:19:05","modified_gmt":"2024-08-09T08:19:05","slug":"us-invests-10m-into-critical-minerals-and-materials-production","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/us-invests-10m-into-critical-minerals-and-materials-production\/50013\/","title":{"rendered":"US invests $10m to advance critical minerals and materials production"},"content":{"rendered":"

The US has announced it will finance over $10m to reinforce domestic supplies of critical minerals and materials.<\/h2>\n

Funded via the Department of Energy (DOE), the $10.2m funding will support four innovative projects aimed at developing cost-effective and environmentally sustainable methods for producing and refining critical minerals and materials within the United States.<\/p>\n

These minerals and materials are essential for manufacturing clean energy technologies, including solar panels, wind turbines, electric vehicles, and hydrogen fuel cells\u2014key components in achieving climate goals.<\/p>\n

Enhancing domestic supply chains<\/h3>\n

The demand for critical minerals and materials is expected to rise sharply as the US accelerates its transition to clean energy.<\/a><\/p>\n

Currently, the US depends heavily on foreign sources for these essential materials. According to the US Geological Survey, more than 95% of the nation’s rare earth elements and over 50% of most critical minerals are imported<\/a>, with at least 12 of these minerals exclusively sourced from abroad.<\/p>\n

This dependency poses a significant risk to the country’s energy security and economic stability.<\/p>\n

In response, the DOE’s ‘Critical Material Innovation, Efficiency, and Alternatives’ funding opportunity announcement (FOA) will allocate up to $150m across multiple project rounds.<\/p>\n

These projects will focus on creating a secure and sustainable domestic supply chain by utilising recycled materials, mine and industrial waste, and ore deposits found within the US.<\/p>\n

The first four projects selected for negotiation are particularly focused on developing alternatives and substitutes for critical minerals and materials.<\/p>\n

Pioneering projects across the US<\/h3>\n

The four selected projects represent cutting-edge advancements in critical minerals and materials:<\/p>\n