Purity vst12/24/2022 ![]() ![]() However, as the Congressional Research Service points out, there is still a long way to go. The United States currently mines some lithium, cobalt, and nickel, but it does not currently mine any manganese or graphite,” they added.īack in 2013, the US established the Critical Materials Institute to accelerate the development of domestic supply chains of critical materials, including recycling. “The United States is heavily dependent on imports for these minerals for use in EV batteries and other applications. Geological Survey designated these and other minerals as ‘critical,’ according to the methodology codified in the Energy Act of 2020.” “These EV battery chemistries depend on five critical minerals whose domestic supply is potentially at risk for disruption: lithium, cobalt, manganese, nickel, and graphite,” CRS explained. The Congressional Research Service described the problem just last month, as applied to lithium-ion batteries. That’s a problem because US automakers lean heavily on overseas supply chains for some of those materials. Under the new law, the full credit only applies to an electric vehicle that meets certain requirements.Īmong those requirements is a clause covering the domestic source of critical materials used in electric vehicle batteries and other clean tech. Critical Materials And The Electric Vehicle Tax CreditĬheers of joy erupted from many electric vehicle fans when they learned that the new Inflation Reduction Act continues an existing federal tax credit and extends it for the next ten years, to the tune of up to $7,500 for new EVs and up to $4,000 for used EVs. ![]() That could mean a new market for halloysite, and if you don’t know what that is, we’re all about to find out. Topping the list is a supply chain makeover focusing on domestic sources. ![]() Electric vehicle makers in the US could get an assist from halloysite to ramp up their domestic supply chains (photo courtesy of Ionic Mineral Technologies).Įlectric vehicle makers in the US may struggle to qualify their customers for a federal tax credit under new rules set by the Inflation Reduction Act. ![]()
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