The US and Japan have struck a deal on EV battery minerals to strengthen both their battery supply chains and grant Japanese automakers wider access to the US’s $7,500 EV tax credit.
The agreement prohibits the two countries from enacting bilateral export restrictions on the minerals most critical for EV batteries (lithium, nickel, cobalt, and manganese), and aims to reduce US-Japanese dependence on China for such materials.
The US Treasury is expected to formally define what the sourcing requirements will be for the EV tax subsidies by the end of this week.
South Korean battery manufacturer, LG Energy Solution, has announced that it will invest $5.5B in building a factory complex in Arizona to supply batteries for EVs. The funding represents the largest single investment for a stand-alone battery manufacturing facility in the US.
The complex will consist of two facilities: one for cylindrical batteries used in EVs, and the other for lithium-iron-phosphate pouch-type batteries for energy storage systems.
The project is scheduled to break ground later this year.
Winnebago is soaring into the future with a move to expand its commitment to electric RVs by acquiring lithium-ion solutions provider, Lithionics Battery.
Lithionics Battery has been a supplier to the RV manufacturer since its inception in 2010, providing sustainable lithium-ion battery energy to its RVs. Now, the company is taking things one step further and is looking to secure the critical technology for its supply chain moving forward.
The acquisition is set to close in Q3 of this year and will likely be a game-changer for the company’s REV offerings.