President Joe Biden will meet Tuesday with California Gov. Gavin Newsom, administration officials and industry representatives to announce new investments in crucial to creating a wide array of technological devices, including computers, smartphones, batteries, household appliances and vehicles.
The investments, which are the latest step the administration is taking in unsnarling persistent supply chain challenges that have plagued Biden since he took office, come a year after he signed an executive action ordering a comprehensive review of supply chain vulnerabilities.
The President is expected to announce $35 million in funding awards to the Nevada-based mining company MP Materials from the Department of Defense's Industrial Base Analysis and Sustainment program to separate and process materials at a Mountain Pass, California, facility. Per an administration fact sheet shared with CNN, the investment will allow MP Materials to establish a full end-to-end domestic permanent magnet supply chain, creating more than 350 jobs by 2024 and upping the nation's competitive capacity with China, which is currently responsible for 87% of the global permanent magnet market.
In addition, Berkshire Hathaway Energy Renewables and Redwood Materials are expected to announce new investments in facilities to extract and extend, respectively, the life of lithium materials, which are crucial in the production of battery technology.
Energy Secretary Jennifer Granholm will also participate in Tuesday's announcement, where she's expected to tout $140 million in funding from the bipartisan infrastructure law to recover rare minerals from coal ash and other mine waste, a sustainability effort the administration projects will reduce the need for new mining while protecting manufacturing jobs in the coal sector.
The infrastructure law also directs $3 billion in funding for refining lithium, cobalt, nickel and graphite, and battery recycling facilities, per a White House fact sheet.
The-CNN-Wire
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