Biden Announces $3B Investment In Electric Vehicle Batteries
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Biden Announces $3B Investment In Electric Vehicle Batteries

The Biden administration on Monday announced a new $3.1 billion plan to ramp up electric vehicle battery production in the U.S. The effort comes as supply constraints have hindered automakers’ ability to secure EV battery components—potentially slowing down the administration’s goal of having zero-emission cars make up 50% of automotive market share by 2030.


The grant money, which will be funded through the administration’s $1 trillion infrastructure plan, focuses on expanding the U.S.’s domestic battery manufacturing and recycling capacity. The announcement arrives at a time when energy independence and our reliance on fossil fuels is at the forefront of American consciousness due to soaring gas prices. Meanwhile, automakers like Rivian have expressed fears they won’t be able to procure the materials needed to expand EV production, due to supply chain constraints brought about by both the pandemic and Russian invasion of Ukraine.

Geological surveys suggest that the U.S. has sufficient reserves of many of the critical minerals and components necessary to create a domestic supply chain for electric batteries. The $3.1 billion in funding aims to “support the creation of new, retrofitted and expanded commercial facilities” with the goal of reducing the U.S.’s dependence on foreign battery suppliers, the Department of Energy said. In the same vein, the plan also includes an additional $60 million to support battery recycling facilities, which would allow for the recovery and reuse of valuable components like nickel, cobalt and lithium.

For electric automakers—including Southern California-based players including Rivian, Fisker, Faraday Future and Mullen—the new funding provides further backing from an administration that has tried to prioritize EVs, despite opposition from some members of the president’s own party like West Virginia Sen. Joe Manchin. The Biden infrastructure plan also included $7.5 billion to build out a national network of EV chargers, though some observers believe that figure to be too small to meet the nation’s EV charging needs.

Part Pixar, Part Roomba: Meet Moxie, the Pasadena-Built Learning Robot for Children

Wide-eyed and sweet, meet Moxie, the $1,500 robot for children.

The creators of the one-foot tall emotive machine want Moxie to become your child's newest companion. Geared toward autistic children, the company believes Moxie embodies "the very best of humanity" in a form of technology that fuels learning.

"What we are trying to do with this product is to amp up the benefit of social or, if you like, emotional intelligence," said its creator Paolo Pirjanian. "I want every child to be able to access this."

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Rachel Uranga

Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.

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Allison Ellsworth

On today's episode of "Office Hours." we talk with Allison Ellsworth, co-founder of Poppi, a soda alternative that promotes gut health. Her company picked up distribution from Whole Foods and made a splash on ABC's “Shark Tank."

Ellsworth grew up in a family of entrepreneurs — her father worked in oil and started his own company; her grandparents and sister were entrepreneurs as well. She was familiar with risk, opportunity and the need to be tenacious in growing her business. She’d also seen her family members fail at one venture -- and get back on their feet.

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Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

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https://www.linkedin.com/in/spencerrascoff/
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