Trump DOE confirms it's canceling over $700M in manufacturing grants
2 days ago
- #manufacturing contracts
- #Department of Energy
- #startups
- The Department of Energy (DOE) is canceling $720 million worth of manufacturing contracts.
- Affected companies include those in battery materials, lithium-ion battery recycling, and super-insulating windows.
- Energy Secretary Chris Wright reviewed contracts from the Biden administration, citing missed milestones and inadequate advancement of energy needs.
- Funding for these grants came from the 2021 Bipartisan Infrastructure Law.
- Three startups—Ascend Elements, Anovion, and LuxWall—are impacted by the cancellations.
- Ascend Elements received $316 million for a lithium-ion battery recycling facility in Kentucky, with $206 million already disbursed.
- Anovion was awarded $117 million for synthetic graphite production in Alabama, with $13.8 million disbursed.
- LuxWall received $31.7 million for energy-efficient windows in Michigan, with $1 million disbursed.
- The grants aimed to help startups bridge the 'valley of death' between development and commercialization.
- Canceling these contracts may affect private investment and the U.S. manufacturing base.