support the repatriation of materials

“Our strategy is supported by strong secular tailwinds, including robust and fundamental downstream demand, global net-zero efforts, and strategic government initiatives that support the repatriation of materials supply chains,” continued Toor.

Government incentives across the U.S., Canada and the European Union have spurred more private investment into an industry that is increasingly becoming more regionalized.

President Joe Biden’s Inflation Reduction Act, signed into law August 16, 2022, requires that the majority of the value of battery components be produced or assembled in North America in 2024 to qualify for half of the legislation’s EV tax credit, or $3,750. To get the remaining half, battery makers will have to source most of the value of critical materials from the U.S.