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USA 2024 takeaways: Policy and politics drive US battery ambitions","giga-usa-2024-takeaways-policy-and-politics-drive-us-battery-ambitions","article/giga-usa-2024-takeaways-policy-and-politics-drive-us-battery-ambitions",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":868,"featured":51,"reporter":869,"_editable":873,"component":874,"seo_title":553,"categories":875,"visibility":904,"author_company":49,"featured_image":905,"seo_description":868,"author_full_name":49,"author_job_title":49,"formattedDate":909,"formattedArticleDate":910},"33f974af-a82b-43bf-8258-9bd806b10c11","2024-06-20 00:00",[560,563],{"slug":561,"name":562},"battery-gigafactories-usa-2024","Battery Gigafactories USA 2024",{"slug":564,"name":565},"usa","USA",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,601,610,615,620,627,632,643,654,667,680,685,690,695,700,705,712,717,728,735,740,745,750,755,760,767,778,783,788,799,804,809,814,819,824,829,834,839,844,849],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"As the curtain fell on Benchmark’s flagship Giga USA event last week in Washington DC, it was clear that the lithium ion battery industry had firmly entered a new era: one in which policy and politics are front and centre.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589,591,599],{"text":590,"type":585},"“The trend is pretty obvious,” said Simon Moores, CEO of Benchmark, ",{"text":592,"type":585,"marks":593},"delivering his opening remarks.",[594],{"type":595,"attrs":596},"link",{"href":597,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/the-four-eras-of-the-gigafactory-simon-moores-opens-giga-usa-2024","url",{"text":600,"type":585}," “Politics will shape everything else that goes on within the industry.”",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"type":605,"attrs":606},"image",{"id":49,"alt":607,"src":608,"title":49,"source":49,"copyright":49,"meta_data":609},"","https://a.storyblok.com/f/287943243085208/28e7c2f3f9/bm-atl09689.jpg",{},{"type":580,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":585},"Simon Moores, Benchmark CEO delivers the opening address at Giga USA 2024",{"type":580,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":585},"In this article, Benchmark examines some of the major underlying themes and discussion points that weaved throughout the three day event in the US capital. ",{"type":621,"attrs":622,"content":624},"heading",{"level":623,"textAlign":49},4,[625],{"text":626,"type":585},"1) Politics in the driving seat",{"type":580,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":585},"Discussion across the three days zeroed-in on the different ways in which the Inflation Reduction Act (IRA) was turbocharging the energy transition in the US. The landmark climate policy has created a step change for US clean energy investments; estimates put post-IRA clean energy manufacturing investments in the US at $17 billion as of Q1 2024. ",{"type":580,"attrs":633,"content":634},{"textAlign":49},[635,637],{"text":636,"type":585},"As a key platform technology for the energy transition, the lithium ion battery industry has been a key recipient of this post-IRA investment. US cell production is forecast to increase from 57 GWh in 2023 to over 800 GWh by the end of the decade, a rise of 20% on similar projections one year ago according to the ",{"text":638,"type":585,"marks":639},"Benchmark Lithium ion Battery Forecast.",[640],{"type":595,"attrs":641},{"href":642,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/",{"type":580,"attrs":644,"content":645},{"textAlign":49},[646,648],{"text":647,"type":585},"It’s not just in the US too that the IRA is incentivising capital deployments, as investment flows into the economies of free trade agreement partners to develop new critical mineral infrastructure. ",{"text":649,"type":585,"marks":650},"South Korea in particular has emerged as a key partner for US battery supply chain ambitions.",[651],{"type":595,"attrs":652},{"href":653,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/south-koreas-5-billion-pcam-and-cathode-building-boom",{"type":580,"attrs":655,"content":656},{"textAlign":49},[657,659,665],{"text":658,"type":585},"The geopolitics of the industry is shaping the way the world trades, re-defining the parameters of globalisation. ",{"text":660,"type":585,"marks":661},"Last month, the US hiked up tariffs on Chinese made EVs, batteries, and critical minerals",[662],{"type":595,"attrs":663},{"href":664,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/us-hikes-tariffs-to-further-isolate-china-from-its-ev-supply-chain-ambitions",{"text":666,"type":585},", ushering in a new dawn for US protectionist trade policies.",{"type":580,"attrs":668,"content":669},{"textAlign":49},[670,672,678],{"text":671,"type":585},"Europe too is erecting trade barriers to protect its domestic industries from Chinese competition. The ",{"text":673,"type":585,"marks":674},"EU’s recent anti-subsidy probe resulted in additional duties of up to 38.1%",[675],{"type":595,"attrs":676},{"href":677,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports",{"text":679,"type":585}," on imports of battery electric vehicles from China, on top of the existing 10% tariffs currently in place.",{"type":621,"attrs":681,"content":682},{"level":623,"textAlign":49},[683],{"text":684,"type":585},"2) Bipartisan battery consensus",{"type":580,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":585},"With the US election looming in November, concerns were raised over whether a change in administration could signal a shift in policy direction from the White House.",{"type":580,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":585},"The Trump Administration was the first to impose tariffs on Chinese-made EVs and graphite, but the former president has been less supportive of IRA tax credits, indicating he would look to roll back the policy were he elected at the end of the year.",{"type":580,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":585},"However, the consensus amongst speakers was that a substantial shift was unlikely. Lithium ion batteries were said to be part of an irreversible economic “mega-trend”and de-risking clean energy supply chains, a geo-political priority in Washington with broad support across both parties.",{"type":580,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":585},"“There is fairly huge bipartisan support for on-shoring and friendshoring critical minerals,” commented Jigar Shah, Director for the Loan Programs Office at the US Department of Energy. “I don’t see policy changes between administrations.”",{"type":580,"attrs":706,"content":707},{"textAlign":49},[708],{"type":605,"attrs":709},{"id":49,"alt":607,"src":710,"title":49,"source":49,"copyright":49,"meta_data":711},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfF2HXkj3C3NqoH2-foAT1_vZtWrjmc7Lf883wOYPcmY_MBxWBafvYvHsZhZxQdIm_2PLrOomZ5Yry40IBPYQ0xuX8FwpU1v35P5c9RGq1HeB3QI1pms0CMhOrl00nvV1FAJFK02Knms0JVsqSUkZH_Oms?key=eRS5SZnKeI4DzP7DXAeoWQ",{},{"type":580,"attrs":713,"content":714},{"textAlign":49},[715],{"text":716,"type":585},"The bulk of post-IRA battery investment has been concentrated within traditional red states, with delegates suggesting that Republicans were unlikely to repeal legislation that was creating new jobs and bolstering industry in their districts.",{"type":580,"attrs":718,"content":719},{"textAlign":49},[720,726],{"text":721,"type":585,"marks":722},"Delivering a keynote address",[723],{"type":595,"attrs":724},{"href":725,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/senator-manchin-commits-to-tackling-us-permitting-reform-for-critical-minerals-projects",{"text":727,"type":585},", Senator Joe Manchin – a key powerbroker behind the passage of the IRA and Chairman of the Senate Energy and Natural Resources Committee – emphasised the national security implications of US dependence on China.",{"type":580,"attrs":729,"content":730},{"textAlign":49},[731],{"type":605,"attrs":732},{"id":49,"alt":607,"src":733,"title":49,"source":49,"copyright":49,"meta_data":734},"https://a.storyblok.com/f/287943243085208/b8b6b580ba/bm-atl04778.jpg",{},{"type":580,"attrs":736,"content":737},{"textAlign":49},[738],{"text":739,"type":585},"Senator Joe Manchin’s keynote address on the second day of Giga USA 2024",{"type":580,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":585},"“We’ve never been caught in this position where we are so dependent on foreign entities to keep this economy going,” he said. “The bipartisan infrastructure bill and IRA has a chance to correct the direction we’ve been going on for too long.”",{"type":621,"attrs":746,"content":747},{"level":623,"textAlign":49},[748],{"text":749,"type":585},"3) Tackling volatility in maturing markets ",{"type":580,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":585},"Reflecting on the direction that critical material prices have taken over the course of the last two years, panellists commented that price volatility was an inherent risk for US supply chain resilience, hamstringing capital deployment in new projects across North America.",{"type":580,"attrs":756,"content":757},{"textAlign":49},[758],{"text":759,"type":585},"“We’re facing delays across the critical minerals industry,” said Caspar Rawles, Chief Data Officer at Benchmark. “The challenge is that we’re in a price environment which isn’t incentivising investment in the supply chain.”",{"type":580,"attrs":761,"content":762},{"textAlign":49},[763],{"type":605,"attrs":764},{"id":49,"alt":607,"src":765,"title":49,"source":49,"copyright":49,"meta_data":766},"https://lh7-us.googleusercontent.com/docsz/AD_4nXfioyQaExgUSg50H-Om_hRG52zZZT9oNDE1nbNsmwFZI3tphYFQdYWDVe85znewbluKpwPXH4XVbMSxlwD4h9O94PUZwez8nuzqAWILDcd-_ErCi5AxS1CruucY-fFxLW8WyMPuEi3rMEEbZGdrnqv5DEe4?key=eRS5SZnKeI4DzP7DXAeoWQ",{},{"type":580,"attrs":768,"content":769},{"textAlign":49},[770,776],{"text":771,"type":585,"marks":772},"Lithium’s downturn from record highs",[773],{"type":595,"attrs":774},{"href":775,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://www.benchmarkminerals.com/price-assessments/lithium/portal/",{"text":777,"type":585}," has been the sharp end of a broader price correction across critical mineral markets, that is adding considerable future supply risk for the lithium ion battery industry.",{"type":580,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":585},"The need for new pricing mechanisms, to better manage risk in these maturing markets was discussed as a way to create greater ‘predictability’ for investors. The lack of a liquid hedging mechanism in the lithium market was identified as a roadblock block to debt financing for many US aspirants.",{"type":580,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":585},"“Commodities are cyclical. The challenge is to make them become more predictable,” said Ash Lazenby, Head of Cobalt North America at Glencore. “We need a good line of sight on exactly the trajectory of this business, with a required rate of return (RRR) that supports the logic of bringing on new production.”",{"type":580,"attrs":789,"content":790},{"textAlign":49},[791,797],{"text":792,"type":585,"marks":793},"Former UK deputy prime minister Dominic Raab",[794],{"type":595,"attrs":795},{"href":796,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://source.benchmarkminerals.com/article/government-private-sector-cooperation-key-to-critical-mineral-security-ex-uk-deputy-prime-minister-tells-giga-usa",{"text":798,"type":585},", suggested that greater certainty for investors could be provided through increased collaboration between the private-public sectors.",{"type":580,"attrs":800,"content":801},{"textAlign":49},[802],{"text":803,"type":585},"Raab urged the West to get out of its “comfort zone” of working through existing transatlantic and pacific partnerships, to re-engage with Africa, Asia, and Latin America to secure critical mineral partnerships that are mutually beneficial for both sides of the table.",{"type":621,"attrs":805,"content":806},{"level":623,"textAlign":49},[807],{"text":808,"type":585}," 4) US has the ability to innovate",{"type":580,"attrs":810,"content":811},{"textAlign":49},[812],{"text":813,"type":585},"Speakers also stressed the role that innovation could play in accelerating the energy transition in North America, urging the US to lean on its inherent advantages to become more competitive with China.",{"type":580,"attrs":815,"content":816},{"textAlign":49},[817],{"text":818,"type":585},"“The US has the best entrepreneurship ecosystem in the world, world class educational institutions, science and researchers working every day to develop innovations that will deliver better performance and lower cost that will speed up the energy transition,” suggested Alex Jacquez, Special Assistant to the President for Economic Development and Industrial Strategy. ",{"type":580,"attrs":820,"content":821},{"textAlign":49},[822],{"text":823,"type":585},"It was acknowledged that China has a clear first mover advantage in manufacturing scale and access to critical mineral supply, controlling over 90% of global processing capacity in some cases. ",{"type":580,"attrs":825,"content":826},{"textAlign":49},[827],{"text":828,"type":585},"“From a competitiveness and technology perspective, China is dominant and is at least five years ahead,” said Allan Swan, President, North America, Panasonic Energy. “We’ve got to catch back up.” ",{"type":580,"attrs":830,"content":831},{"textAlign":49},[832],{"text":833,"type":585},"Rather than simply copying China’s approach, the US should seek to develop novel manufacturing processes to make batteries cleaner, lower cost, and more competitive on the global market.",{"type":580,"attrs":835,"content":836},{"textAlign":49},[837],{"text":838,"type":585},"The evolution of a circular economy – through the build out of battery recycling capabilities that would dramatically reduce US dependence on critical minerals originating from third countries – was also eyed as a key area in which innovation could fast-track US supply chain resilience. Catalysed by a strong federal policy regime, covering everything from permitting reform to the domestic charging network.",{"type":580,"attrs":840,"content":841},{"textAlign":49},[842],{"text":843,"type":585},"“Innovation is what makes me the most bullish on the US chances in the electrification future,” Jacquez added.",{"type":621,"attrs":845,"content":846},{"level":623,"textAlign":49},[847],{"text":848,"type":585},"Join us at Giga APAC 2024",{"type":580,"attrs":850,"content":851},{"textAlign":49},[852,857,864],{"text":853,"type":585,"marks":854},"Discussions on the battery market will continue at Benchmark’s ",[855],{"type":856},"italic",{"text":858,"type":585,"marks":859},"Giga APAC 2024",[860,863],{"type":595,"attrs":861},{"href":862,"uuid":49,"anchor":49,"target":49,"linktype":598},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":856},{"text":865,"type":585,"marks":866}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[867],{"type":856},"As the curtain fell on Benchmark’s flagship Giga USA event last week in Washington DC, it was clear that the lithium ion battery industry had firmly entered a new era: one in which policy and politics are front and centre. “The trend is pretty obvious,” said Simon Moores, CEO of Benchmark, delivering his opening remarks. […]",[870],{"slug":568,"name":569,"content":871},{"job_title":571,"image":872,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"33f974af-a82b-43bf-8258-9bd806b10c11\", \"id\": \"\"}-->","article",[876,879,881,884,887,890,893,896,898,901],{"slug":877,"name":878},"batteries","Batteries",{"slug":880,"name":115},"cobalt",{"slug":882,"name":883},"copper","Copper",{"slug":885,"name":886},"critical-minerals","Critical Minerals",{"slug":888,"name":889},"fluorspar","Fluorspar",{"slug":891,"name":892},"geopolitics","Geopolitics",{"slug":894,"name":895},"graphite","Graphite",{"slug":897,"name":8},"lithium",{"slug":899,"name":900},"manganese","Manganese",{"slug":902,"name":903},"new-energy","New Energy","private",{"id":49,"alt":607,"name":607,"focus":607,"title":607,"source":607,"filename":906,"copyright":607,"fieldtype":907,"meta_data":908,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c9db8c0bee/bm-atl01616.jpg","asset",{"alt":607,"title":607,"source":607,"copyright":607},"Jun 20, 2024","20th June 2024",[],[],1792773900315]