Trump DOE confirms it’s canceling over $700M in manufacturing grants

TechCrunch
TechCrunch
2M ago
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The Department of Energy has confirmed the cancellation of $720 million in manufacturing grants due to projects failing to meet milestones. This matters as it affects key startups in battery materials and energy efficiency, hindering innovation.
Trump DOE confirms it’s canceling over $700M in manufacturing grants
A What happened
The Department of Energy (DOE) has confirmed the cancellation of $720 million in manufacturing grants that were awarded to several startups focused on battery materials and energy efficiency technologies. Energy Secretary Chris Wright stated that the projects failed to meet required milestones and did not adequately advance the nation’s energy needs. The affected companies include Ascend Elements, which was developing a recycling technology for lithium-ion batteries; Anovion, which aimed to produce synthetic graphite for battery anodes; and LuxWall, which was working on energy-efficient insulating windows. These grants were part of the Bipartisan Infrastructure Law and were intended to help these startups navigate the challenging transition from technology development to commercial deployment. The cancellation raises concerns about the future of these innovative projects and their potential impact on the U.S. manufacturing landscape.
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Key insights

  • 1

    Impact on Energy Innovation: Cancellation of grants may slow advancements in energy-efficient technologies.

  • 2

    Startups Affected: Key startups like Ascend Elements and LuxWall face funding challenges.

  • 3

    Government Funding Importance: Grants are crucial for startups transitioning to commercial viability.

Takeaways

The DOE's decision to cancel significant manufacturing grants poses a risk to the development of innovative energy technologies and could hinder the growth of startups essential for advancing the U.S. energy landscape.

Topics

World & Politics Policy & Regulation Climate & Environment Energy