Big news right before the long weekend highlights U.S. policy support for building the battery mineral supply chain — and how far there is to go, Ben writes.
Catch up fast: The Energy Department plans to lend Ioneer up to $700 million to support the planned Rhyolite Ridge project to mine lithium, sending its shares soaring.
The Nevada project could produce enough for roughly 370,000 electric vehicles annually, DOE said.
Why it matters: It’s part of a White House push to support links in the battery supply chain and, per Reuters, the first to back a lithium project.
Yes, but: The U.S. has miles to go before becoming a major global player in lithium and other energy transition minerals.
The chart above is adapted from an International Energy Agency analysis of the manufacturing of low-carbon energy equipment and raw materials.
What we’re watching: Whether DOE support boosts the odds of Rhyolite Ridge winning Interior Department approval.
Interior’s Bureau of Land Management “continues to work through the review in accordance with our policies, regulations and procedures, including NEPA compliance,” BLM tells Axios.