Spend, spend, spend: Biden agenda sends whopping $530M to pair of Massachusetts EV companies

A pair of Massachusetts companies will benefit from the push to convert to electric vehicles.

Ascend Elements and 6K Inc. were recipients Wednesday of more than $530 million in federal funding through a program designed to support battery manufacturing, recycling, and material processing for the electric vehicle market. Funding, $2.8 billion total, will go to 20 companies in 12 states.

U.S. Democratic Sens. Edward J. Markey and Elizabeth Warren and U.S. Reps. Jim McGovern and Seth Moulton hailed the move that will support the companies based in North Andover and Westborough.

“Massachusetts ingenuity and innovation has and continues to inspire the next generation of climate solutions,” the members of the Massachusetts delegation said in a release.

The delegation, according to the release, said the move will support demand for electric vehicles and at the same time “support good-paying jobs.”

“This is truly a remarkable time for manufacturing in America, as President Biden’s agenda and historic investments supercharge the private sector to ensure our clean energy future is American-made,” U.S. Secretary of Energy Jennifer M. Granholm said in a release. “Producing advanced batteries and components here at home will accelerate the transition away from fossil fuels to meet the strong demand for electric vehicles, creating more good-paying jobs across the country.”

The U.S. Department of Energy will allocate the funding through its Battery Materials Processing and Battery Component Manufacturing and Recycling program. Both programs are funded through the Bipartisan Infrastructure Law.

Westborough-based Ascend Elements will receive $480 million that will be used to build a manufacturing plant where batteries will be recycled as raw material and reduce dependence on foreign suppliers.

Funding, according to the release, will bolster developing enough battery-grade lithium to supply 2 million electric vehicles each year, and developing enough battery-grade graphite for 1.2 million electric vehicles each year. In addition, the program will work to produce battery-grade nickel for 400,000 electric vehicles.

Based in North Andover, 6K Inc. is set to receive $50 million that will be used for a demonstration project eying domestically producing battery chemistries that will utilize microwave plasma processing technology, according to the release.