US announces $325 mln to repair EV chargers, cut battery costs

Credit: REUTERS/MAJA SMIEJKOWSKA

Adds details from statement in paragraph 2; background in 3, 4

Jan 19 (Reuters) - The U.S. Departments of Transportation and Energy will invest$325 million across three programs to advance EV technologies, repair chargers and cut battery costs, the White House said in a statement on Friday.

"This new funding for EV chargers will repair and replace existing, non-operational chargers across the country, reduce costs for deploying charging in underserved communities, and cut battery costs", the statement added.

On Thursday, the U.S. awarded nearly $150 million for projects in 20 states to repair or replace nearly 4,500 existing electric vehicle charging ports.

The new funds are part of the $5 billion National Electric Vehicle Infrastructure (NEVI) program funded by a $1 trillion 2021 infrastructure law. Under the program, states need to operate federally-funded charging ports for at least five years, which must work 97% of the time.

(Reporting by Urvi Dugar in Bengaluru; editing by Christina Fincher)

((UrviManoj.Dugar@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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