Trump administration to back US minerals projects with $500 million in grants

Key Points:

• The U.S. Department of Energy is awarding $500 million in grants to seven companies developing domestic lithium, cobalt, and battery-related mineral projects to strengthen American mining and processing capabilities.
• This funding aligns with President Trump's goal to make the U.S. a global leader in minerals and reduce dependence on China, with added urgency due to geopolitical tensions such as the war with Iran.
• Lilac Solutions will receive $100 million to build a lithium extraction facility in Utah, expected to produce 5,000 metric tons annually by 2028, while Jervois is awarded $100 million to construct the country's only cobalt refinery in Idaho.
• Nth Cycle, backed by Trafigura, gets $100 million to develop a battery metal recycling plant, supporting efforts to recycle critical minerals domestically following recent export restrictions on battery scrap.
• Additional grants of $50 million each are awarded to Princeton NuEnergy, Arcanum Ventures, and Coreshell Technologies for innovations in battery cathode reprocessing, electrolyte chemical production, and silicon-based battery anodes, respectively.