The U.S. Department of Energy (DOE), under President Biden's Investing in America agenda, has announced a $15.5 billion package to support the transition to electric vehicles (EVs). This package includes:
$2 billion in grants and up to $10 billion in loans for automotive manufacturing conversion projects.
A focus on retaining high-quality jobs in existing manufacturing communities.
Priority for projects that retain collective bargaining agreements and pay top industry wages.
An additional $3.5 billion to expand domestic battery manufacturing for EVs and the national grid.
U.S. Secretary of Energy, Jennifer M. Granholm, emphasized President Biden's commitment to supporting communities affected by the shift away from internal combustion engines.
Manufacturers can seek financial support through the DOE’s Office of Manufacturing and Energy Supply Chains (MESC) or get preferable debt financing via DOE’s Loan Program Office.
Read more here: https://www.energy.gov/articles/biden-harris-administration-announces-155-billion-support-strong-and-just-transition