US Department Of Energy To Invest $3B in Battery Production
Portfolio Pulse from Lekha Gupta
The U.S. Department of Energy (DOE) is investing over $3 billion in 25 projects across 14 states to enhance domestic battery production. This initiative is part of a broader strategy to support clean energy and create jobs, with significant funding allocated to companies like Albemarle, Dow, Honeywell, and Occidental Petroleum.
September 20, 2024 | 5:24 pm
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Albemarle Corporation will receive $67 million from the DOE to produce anode material for lithium-ion batteries in North Carolina.
The $67 million investment from the DOE is significant for Albemarle as it supports the production of anode material, a critical component in lithium-ion batteries. This aligns with the company's focus on battery materials and is likely to positively impact its stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Dow Inc. is set to receive $100 million from the DOE to produce battery-grade carbonate solvents for lithium-ion battery electrolytes.
The $100 million funding will enable Dow to enhance its production of battery-grade solvents, crucial for lithium-ion batteries. This investment is expected to bolster Dow's position in the battery supply chain, likely benefiting its stock.
CONFIDENCE 85
IMPORTANCE 65
RELEVANCE 75
POSITIVE IMPACT
Honeywell International is projected to receive $126.6 million from the DOE to build a facility in Louisiana for producing a key electrolyte salt for lithium batteries.
The DOE's $126.6 million investment in Honeywell will support the construction of a facility for producing a key electrolyte salt, essential for lithium batteries. This positions Honeywell as a significant player in the battery supply chain, likely boosting its stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Occidental Petroleum's subsidiary, 1PointFive, will receive up to $500 million from the DOE for the South Texas Direct Air Capture Hub.
The DOE's potential $500 million support for Occidental's DAC Hub project highlights its commitment to carbon capture technology. This substantial funding could enhance Occidental's clean energy initiatives, positively impacting its stock.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70