Free daily briefing on global business news.
The Trump administration awarded $500 million to battery companies this August, but analysts warn the figure is small compared to what's needed
VCG / Getty Images
The Department of Energy awarded $500 million in August to seven companies working on battery minerals, manufacturing, and recycling — but analysts and executives say the funding falls far short of what would be needed to meaningfully reduce China's grip on the global battery supply chain, according to CNBC.
The awards mark the opening disbursement from two DOE programs — each funded at $3 billion and established under the Biden-era Infrastructure Investment and Jobs Act — that the Trump administration has now begun drawing on. The administration has also ended federal tax credits for electric vehicles and reversed other Biden-era battery and EV policies. Atlas Public Policy data, cited by CNBC, shows that roughly $24 billion worth of battery projects announced since January 2025 have since been scrapped.
