Nevi will secures 325 million dollar – Industry News 2401

Jan 23, 2024 | Industry News

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Preface

Nevi will secures 325 million dollar

The United States has announced a $325 million investment to upgrade and maintain electric vehicle charging stations, while also reducing battery costs.

Nevi will secures $325 million

Brief Description

On January 19th, the U.S. government announced in a statement that the Department of Transportation and the Department of Energy will invest $325 million in three projects.

The statement revealed, ‘This new funding for electric vehicle charging stations will be used to repair and replace non-operational charging stations across the United States, reduce the cost of deploying charging stations in communities with insufficient quantities, and lower battery costs.’

This funding is part of the National Electric Vehicle Infrastructure (NEVI) program worth $5 billion in total, which is funded by the $1 trillion infrastructure law passed in 2021. According to the NEVI program, states are required to operate federally-funded charging stations for at least five years with a minimum operational time of 97%.

Additional Information

The US government has recently been frequently allocating funds in the field of electric vehicle charging infrastructure. On January 18th, nearly $150 million was allocated for projects from 20 states to repair or replace around 4,500 existing electric vehicle charging stations.

On January 11th, the US Department of Transportation announced funding of $623 million for the construction of electric vehicle charging infrastructure nationwide. This allocation will be used to build electric vehicle charging stations in 22 states and Puerto Rico (a US territory), including 47 projects and 7,500 new electric vehicle charging stations.

Promoting the widespread adoption of electric vehicles is one of President Joe Biden’s administration’s important tasks, and the lack of charging infrastructure is one of the main factors hindering American consumers from purchasing electric vehicles.

Previously, Biden set a goal to have half a million electric vehicle charging stations built across America by 2030. The market share of electric vehicles in the United States is increasing every year, with Tesla leading as a prominent company. In 2023, Tesla’s sales surpassed those of traditional automakers such as Subaru, BMW, and Volkswagen with a market share reaching 4.2% in total car sales in the United States.

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