By Kathryn Hardison

Piedmont Lithium Inc. has been selected for a $141.7 million grant from the U.S. Department of Energy to support the construction of a lithium project in Etowah, Tenn.

The company, which develops lithium resources used for the U.S. electric-vehicle supply chain, said Wednesday that its $600 million project is meant to expand the U.S. supply of lithium hydroxide by 30,000 metric tons per year. That is a key component in long-range, high-energy EV batteries.

The grant represents one of the first set of projects funded by President Joe Biden's infrastructure law aimed at expanding domestic manufacturing of batteries for EVs and the electrical grid.

Piedmont said it will be able to negotiate specific terms of the grant, including timing and co-funding.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

October 19, 2022 12:03 ET (16:03 GMT)

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