President Joe Biden has announced the first set of projects funded by the Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles (EVs) and the electrical grid and for materials and components currently imported from other countries.
Biden also launched an "American Battery Materials Initiative" to strengthen critical mineral supply chains.
20 companies will receive from the Department of Energy a combined $2.8 billion to build and expand commercial-scale facilities in 12 states to extract and process lithium, graphite and other battery materials, and manufacture components.
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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.