The Australian companies getting on Joe Biden’s Inflation Reduction Act gravy train
Australian hydrogen, lithium and graphite producers are benefitting from the US$370 billion US Inflation Reduction Act. But qualifying for the handouts is no easy task.
Battery minerals providers are the kingmakers of the United States’ clean energy transition, and are being supported under both the Inflation Reduction Act and the Bipartisan Infrastructure Bill.
ASX-listed Novonix is a provider of graphite and other battery technologies, which are in hot demand because their operation is among the 10% of the world’s supply that doesn’t originate in China.
The company last year successfully applied for a USD150 million ($235 million) loan under the Bipartisan Infrastructure Law. The Queensland-based company had to complete a foreign company waiver and apply through its US-based subsidiary.
CEO Chris Burns tells Capital Brief that the application involved an extensive amount of paperwork. “It was a huge undertaking to apply for the grant. You have to have a clear path for the commercialisation of your technology or mineral processing, and you need letters of support from cell manufacturers.”
