Honeywell (HON) and lithium producer Albemarle (ALB) are among 25 companies set to benefit from federal funding to support America's battery manufacturing capabilities.
The Biden administration is awarding $3 billion in investments across several projects along the battery supply chain, the Department of Energy announced Friday.
The effort to boost America's battery production capabilities joins other technology and energy-focused efforts from the Biden administration, such as the CHIPS Act to support semiconductor manufacturing in the U.S.
The DOE said the 25 projects selected for funding in Friday's announcement span 14 states and are projected to create at least 12,000 jobs over the course of the construction and operation of the facilities.
The efforts range from renovations or expansion of existing facilities to the construction of new plants that operate along the battery supply chain, from processing minerals to building or recycling batteries.
The investment follows a first round of $1.8 billion spread across 14 projects to "build and expand commercial-scale facilities to extract lithium, graphite, and other battery materials, and battery component manufacturing," the DOE said.
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