US To Provide High Incentives for Companies Leaving China
- Alexangel Ventura
- Sep 20, 2024
- 1 min read
The U.S. Energy Department stated Friday morning that it plans to provide over $3 billion in subsidies to 25 battery manufacturing plants across the nation which have relocated from China.
The Energy Department has made this initiative to ramp up homemade battery production as China continues to outcompete the US in the global industry.
The projects will increase the domestic production of batteries, assisting American businesses, reducing transportation costs, and providing thousands of manufacturing jobs to Americans. The specific number of additional jobs will be up to 12,000, according to the Energy Department.
This has come after the fallout of the Chips and Science Act, which set up the framework for growing American domestic production of high-quality electronics as geopolitical tensions makes continued reliance on Chinese products very dangerous.
The funding will also go toward environmental sustainability, promoting the effective treatment of chemical and mineral components as well as recycling. White House climate adviser Ali Zaidi stated, "Mineral security is essential for climate security. This sets us up to lead on the next generation of battery technologies - from solid state to other new chemistries."
