The U.S. Department of Energy (DOE) will allocate $15.5 billion of funding and loans to help manufacturers retool their plants as they transition to electric vehicle (EV) production. The program, which is part of the Investing in America agenda, includes $2 billion in grants and up to $10 billion in loans. The Domestic Conversion Grant Program is made to support automotive manufacturing conversion projects that put an emphasis on retaining high-quality jobs. In addition, the DOE also plans to allocate $3.5 billion in funding to expand domestic manufacturing of batteries for electric vehicles and the nation’s grid.
In a recent quote, U.S. Secretary of Energy Jennifer M. Granholm said, “President Biden is investing in the workforce and factories that made our country a global manufacturing powerhouse. Today’s 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.”