Major Funding Boost: U.S. Pledges $325 Million for Electric Vehicle Initiatives

The U.S. Departments of Transportation and Energy are set to invest $325 million across three initiatives aimed at advancing electric vehicle (EV) technologies, repairing chargers, and reducing battery costs, according to a statement from the White House on Friday (19/1).

The funding will be allocated to address and replace non-operational EV chargers nationwide, decrease deployment costs in underserved communities, and contribute to the reduction of battery expenses.

This announcement is part of the broader $5 billion National Electric Vehicle Infrastructure (NEVI) program, established under the $1 trillion infrastructure law passed in 2021.

In a related development on Thursday, the U.S. granted nearly $150 million for projects spanning 20 states, focusing on the repair or replacement of nearly 4,500 existing electric vehicle charging ports.

The investments are part of the ongoing efforts to bolster EV infrastructure and accessibility across the country.

As part of the NEVI program, participating states are required to manage federally-funded charging ports for a minimum of five years, ensuring a high operational efficiency of at least 97%.

The latest funding initiatives underscore the U.S. government's commitment to advancing EV technologies, enhancing charging infrastructure, and making electric vehicles more accessible, aligning with broader goals outlined in the 2021 infrastructure legislation.

These investments are crucial steps towards creating a more sustainable and widespread electric transportation network.

Urvi Dugar / Reuters