DOE Announces $45 Million Allocation for Advanced Electric Vehicle Battery Development

Earlier this week, the Energy Department announced that it would be allocating $45 million in funding for the development of advanced batteries for electric cars. Through its Advanced Research Projects Agency-Energy, the department is launching its electric car program, which entails the development of more resilient, efficient, convenient and affordable batteries.

Jennifer M. Granholm, the U.S. Secretary of Energy, stated that advanced batteries would enable electric cars to charge faster and last longer, which would play a crucial role in accelerating the deployment of electric trucks and vehicles. Granholm added that an electrified transportation sector would be beneficial to individuals now as well as in the future by combating climate change directly, increasing manufacturing jobs in the country and strengthening America’s energy independence.

The transportation sector’s electrification is a priority for the Biden Administration, which has included provisions supporting the president’s objective to have electric car sales account for at least one-half of all car sales in the nation by 2030, in his bipartisan infrastructure law.

The Department of Energy is hoping to address the following market concerns among consumers to help boost adoption of electric cars.

Increasing efficiency

Individuals in America live in different parts of the country, which exposes them to different weather conditions. Batteries that are currently used in electric cars don’t perform efficiently when temperatures drop significantly. The development of batteries that are more efficient and can withstand colder temperatures would motivate adoption among drivers in the coldest parts of the country.

Fast charging

Most individuals in America don’t live in houses equipped with carports or garages with house-charging ports. Advanced batteries would afford drivers rapid and safe charging at charging stations, which would reduce the amount of time they would need to spend at a charging station while also ensuring cost savings during every charge.

Improving resilience

Resilience of batteries is needed for range retention as it enables electric cars to travel longer distances in between charges. Resilience also allows for better overall life mileage, which is especially important for the majority of Americans who would prefer to buy used cars instead of purchasing new vehicles or leasing new ones.

In addition to this allocation, the Department of Energy will allocate another $60 million for the support of second-life applications for batteries that had been used to power electric cars. This will help create clean energy jobs, strengthen America’s domestic battery supply chain and support the administration’s goal to increase electric car sales for the entire industry, including manufacturers such as Kandi Technologies Group Inc. (NASDAQ: KNDI).

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