- Both Biden and Ukrainian leaders had said that the $40 billion emergency aid package was essential for Ukraine’s war against Russia
- Tucked into that package was half a billion dollars to be allocated under the Defense Production Act to companies obtaining critical battery minerals
- That’s in addition to the $750 million DOD was authorized to dole out to mining companies when Biden first invoked DPA for critical minerals
- Those funds also build on the $7 billion in federal funding from the bipartisan infrastructure bill last year
President Biden has tucked another $500 million to fund production of the minerals used to make batteries for electric cars into the Ukraine aid bill passed by Congress.
Both Biden and Ukrainian leaders had said that the $40 billion emergency aid package was essential for Ukraine’s war against Russia. But tucked into that package was not only military aid but half a billion dollars to be allocated under the Defense Production Act to companies obtaining critical battery minerals like nickel, cobalt, lithium and graphite, Bloomberg first noted.
That’s in addition to the $750 million the Defense Department (DOD) was authorized to dole out to mining companies in March when Biden first invoked the Defense Production Act for critical minerals.
Those funds also build on the $7 billion in federal funding from the bipartisan infrastructure bill last year that companies are now vying for to bankroll the refining, manufacturing and recycling of electric vehicle batteries.
The $40 billion Ukraine aid bill included $20 billion to fund direct transfers of advanced weapons systems to Ukraine, $8 billion in general economic support, $5 billion to address food shortages across the globe and over $1 billion in support for refugees, in addition to the $500 million for mineral production. The bill passed 86 to 11 in the Senate.
