RIYADH: The US will make federal grants totalling $6 billion available to companies making batteries or processing materials for the components they use.
The US Department of Energy will dole out $50 million or $100 million matching grants to applicants for the next five years, giving priority to companies that are owned and operated in the US, Bloomberg reported.
The government grants will make investment in the electric vehicle supply chain less risky.
Last week, a bipartisan $550 billion infrastructure bill was signed into law by President Biden.
