Utility Dive•18 days ago
US Energy Department offers $134M to boost rare earth recovery projects
Key Takeaway
DOE funding for rare earth recovery aims to secure critical supply chains for advanced manufacturing and clean energy technologies, impacting equipment costs and availability for developers and large power consumers.
AI Summary
- •The US Department of Energy (DOE) is offering $134 million in funding to support domestic rare earth recovery projects, aiming to bolster critical mineral supply chains.
- •Rare earths are essential for advanced manufacturing, defense systems, and high-performance magnets used in power generation (e.g., wind turbines) and electric motors (e.g., EVs).
- •This initiative seeks to reduce reliance on foreign sources for these vital materials, potentially stabilizing or reducing long-term costs for equipment and components critical to energy transition and industrial sectors.
- •For developers and large power consumers, this funding signals a strategic push for supply chain resilience, which could impact the availability and cost of key equipment like wind turbines, electric motors, and other advanced components.
Topics
emissionsfinancingiraoempolicywind