Electric Vehicle

The U.S. Department of Commerce and SK hynix have signed a non-binding preliminary memorandum of terms to provide up to $450 million in proposed federal incentives under the CHIPS and Science Act to establish a high-bandwidth memory (HBM) advanced packaging fabrication and R&D facility.

The U.S. Department of Energy finalized its guidance interpreting the statutory definition of “foreign entity of concern” (FEOC) in Section 40207 of the Bipartisan Infrastructure Law. The FEOC interpretive guidance is designed to limit the participation of FEOCs in domestic battery supply chains and bolster the growth of domestic and friend-shored battery materials processing and manufacturing.

The U.S. Department of Energy released a notice of its proposed guidance and a request for public comment on its proposed interpretation of the statutory definition of “foreign entity of concern” (FEOC) in the Bipartisan Infrastructure Law, which is designed to limit the participation of FEOCs within domestic battery supply chains, particularly within government-supported programs, and bolster the growth of domestic and friend-shored battery materials processing and manufacturing.

The Department of Commerce’s Economic Development Administration is awarding a $2 million grant to the city of Etowah, Tennessee, for redevelopment of the local water treatment plant. This grant will provide for the establishment of a new manufacturing facility that will support the electric vehicle and battery storage industries, in a region impacted by changes in the energy economy.