CFS Award Announcement:
TerraVolta Resources Secures $225 Million for Lithium Extraction Facility from Department of Energy
New facility to produce battery-grade lithium, powering up to 500,000 EVs and supporting U.S. clean energy goals
FOR IMMEDIATE RELEASE
September 24, 2024
Washington, D.C. — Capitol Funding Solutions (CFS) is pleased to announce that a proposal written for TerraVolta Resources was awarded $225,000,000 through Round II of the Battery Materials Processing and Battery Manufacturing and Recycling program. The awarded funding will establish a commercial-scale lithium extraction and refining facility, expected to significantly contribute to the U.S. transition to renewable energy by ensuring a reliable supply of lithium, a key component in electric vehicle batteries and renewable energy storage systems.
ABOUT THE PROJECT
TerraVolta Resources will establish a state-of-the-art, commercial-scale lithium extraction and refining facility in the Texarkana region, a crucial step in enhancing domestic battery supply chains and advancing sustainable energy solutions. This facility will utilize Direct Lithium Extraction (DLE) technology, which extracts lithium from brine, making the process more environmentally friendly than traditional mining techniques. The project aims to produce 25,000 tonnes of battery-grade lithium carbonate (Li2CO3) annually, which will be refined from lithium chloride extracted from domestic brine sources. This output is enough to power approximately 500,000 electric vehicles (EVs) annually, playing a crucial role in supporting the U.S. transition to clean energy and reducing the nation’s dependence on imported critical minerals.
In addition to its environmental benefits, the facility is expected to have significant economic and community impacts. The project will create 125 permanent, full-time jobs and over 1,000 construction jobs while also fostering partnerships with labor unions and educational institutions to ensure a highly skilled workforce. TerraVolta’s facility will bolster the domestic battery supply chain by ensuring the availability of lithium for EV manufacturers while reducing foreign mineral imports. Moreover, the DLE technology employed by TerraVolta has a minimal environmental footprint, producing no tailings, requiring less surface area, and resulting in a lower carbon footprint compared to conventional lithium extraction methods. This project marks a critical step toward onshoring key components of the U.S. clean energy economy.
View the full project description and list of awards here.
ABOUT THE PROGRAM
The Department of Energy’s Battery Materials Processing and Battery Manufacturing and Recycling Program is a $6 billion initiative funded by the Bipartisan Infrastructure Law that supports projects to strengthen the U.S. battery supply chain and advance domestic manufacturing. The program promotes domestic job creation and economic growth by reducing dependence on imported materials while contributing to national climate goals.
Learn more about the program here.
ABOUT TERRAVOLTA RESOURCES
TerraVolta Resources is a leading critical minerals company committed to advancing sustainable lithium extraction technologies. Their mission is to become a major domestic producer of battery-grade lithium, supporting the U.S. clean energy economy while minimizing environmental impact. TerraVolta’s facilities will use cutting-edge DLE technology to produce lithium with lower carbon emissions and minimal land use, distinguishing them in the domestic critical minerals sector.
Learn more about TerraVolta Resources here.
ABOUT CAPITOL FUNDING SOLUTIONS
Capitol Funding Solutions (CFS) specializes in strategic consulting and comprehensive proposal writing to assist clients in finding and winning competitive funding. CFS leverages its expertise to guide applicants through a wide range of award mechanisms from both public and private sources, including Federal & State grants and loans, foundation grants, BAAs, tax credit programs, and more.
Learn more about CFS and our services here.
CONTACT INFORMATION
Samantha Benthien - Strategic Communications Manager
500 North Capitol St NW, Suite #210, Washington, D.C., 20001
Address
500 North Capitol Street NW
Suite 210
Washington, DC 20001