RENO, Nev. — The U.S. Energy Department has conditionally agreed to loan more than $2 billion to a company building a controversial lithium mine in Nevada to help meet rising demand for a critical element in the manufacture of batteries for electric vehicles, a key part of the Biden administration's renewable energy agenda.
“The project is located next to a mine site that contains the largest-proven lithium reserves in North America,” DOE said in a statement. President Joe Biden's renewable energy agenda aimed at easing U.S. reliance on fossil fuels so as to reduce greenhouse gas emissions is expected to be a key issue in his reelection bid against ex-President Donald Trump, who has said he would focus on drilling for more oil.
“The United States has an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our battery supply chains and ensures that the economic benefits are directed toward American workers, companies and communities,” he said.