The Biden administration announced a $700 Million conditional loan to finance a Nevada lithium mine.

This week, the Biden administration supported what could be the second lithium mine in America. In This was spotted before According to the Department of Energy it will loan Ioneer a conditional loan of up 700 million to help develop Rhyolite Ridge Lithium Boron in Esmeralda, Nevada. Once the mine is operational, it will produce enough lithium to make approximately 370,000 electric vehicle annually. Ioneer has supply agreements with major automakers such as Ford and Toyota, but the project won’t begin producing lithium until 2026.

The funding was made possible by the Department of Energy by the Biden administration . Ioneer must get all permits from the appropriate federal and state agencies in order to secure funds. The He opposed the project due to the dangers it presented to an endangered species wildflower in the Tehm region known as buckwheatin Tehm. The US Department of the Interior also did not approve the project. According to the Energy Department, Ionair had revised its plans for the site in order to avoid any direct impacts on the plant. It should be noted, however, that lithium mining is a highly technical process. To implement.

The mineral is vital to many technologies that will make the world zero-emissions. The global demand for lithium is expected to drop below its supply by 2030. This gap will make achieving the Biden administration’s goal to ensure that electric cars are used in half of the automobiles sold in America by the end of this decade difficult.