US battery projects have proliferated since the Inflation Reduction Act was enacted one year ago, outpacing other clean energy technologies encouraged by the climate-and-tax law and spotlighting a heavy lift of shifting supply chains from China.
Since August of 2022, when President Joe Biden signed the law, BloombergNEF has tracked $72 billion of announcements by automakers, battery manufacturers, and other stakeholders in the electric vehicle supply chain. That includes nearly $55 billion for battery-related projects.
While the industry’s supporters celebrate the progress, they acknowledge the scale of the investment represents the daunting challenge of turning the ...
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