The loan is just one example of how U.S. President Joe Biden‘s administration’s focus on building out a North American critical minerals supply chain has often accrued to the benefit of Canadian-based companies, many of which have struggled to raise money on public markets in the face of moribund commodity prices…In total, such companies have received hundreds of millions of dollars in support from the U.S. government and many industry insiders say there could be more deals announced before Donald Trump takes over next month…Congress has already approved legislation that sets aside funds for critical minerals projects, he said, but unless it is awarded to specific companies, the incoming Trump administration could decide to shift policy and simply not dole out the money for such purposes…Many other critical minerals companies besides Novonix, which has ambitions to be a major player in the battery sector, have received commitments of various forms from U.S. government agencies during the past few years, sometimes even for projects located in Canada…London, Ont.-based Fortune Minerals Ltd. in May announced an $8.7-million grant from the U.S. Department of Defense to support its efforts to develop a cobalt-gold-bismuth-copper deposit in the Northwest Territories…“Critical minerals have been the flavour of the month for a couple of years now,” Berry said, “but it all boils down to commodity price … and so many of these metals have just been beaten up.” With prices for such metals in decline, many companies have struggled to raise funds on public markets, he said…The inability of many critical minerals explorers to raise money to advance their projects came to be viewed by the Biden administration as a national security threat because of China’s dominance, Berry said…“The line between economic security and national security has been blurred, I would argue,” he said. “That is one reason why you see so much taxpayer money coming into this space.”

The U.S. Environmental Protection Agency said on Wednesday it has approved California's landmark plan to end the sale of gasoline-only vehicles by 2035…The decision in the final weeks of President Joe Biden's administration sets up a fight over the future of California's vehicle regulations. President-elect Donald Trump has vowed to rescind approvals granted by the EPA to California to require more EVs and tighter vehicle emissions standards…EPA Administrator Michael Regan granted a waiver under the Clean Air Act to California to implement its plan -- first announced in 2020 -- to require that by 2035 at least 80% of new cars sold be electric and up to 20% plug-in hybrid models. California's rules have been adopted by 11 other states, including New York, Massachusetts and Oregon…The EPA also granted another waiver for California's “Omnibus” low-NOx, or low-nitrogen oxide, regulation for heavy-duty highway and off-road vehicles and engines, while six others are pending…California's rules require 35% of vehicles in the 2026 model year to be a zero-emission model, rising to 68% by 2030. The state says the rule is crucial to meeting greenhouse gas emission reduction targets and cutting smog-forming pollutants.

CATL said on Wednesday it had co-developed 10 new electric vehicle models with automakers that use swappable batteries, as the Chinese battery giant seeks to lead a trend it says will replace a third of gasoline stations in China…Yang Jun, CEO of CATL's battery swapping brand EVOGO, said it would roll out the first EV that uses its so-called "choco-swap" battery this month, with the remaining to be launched in upcoming months…CATL will also look to build 1,000 battery swapping stations next year and to accelerate this further by enlisting partners to build more stations, he added…It launched the EVOGO battery swap service in 2022, which it said would allow drivers to change EV batteries in one minute…The subscription fee for the choco-swap battery swapping service starts from 369 yuan ($51) per month, Yang said at an event in China's southern city of Xiamen to talk about battery swapping…China could eventually have 30,000-40,000 battery swapping stations which could replace a third of its roughly 100,000 gasoline stations, Yang predicted. 

Trade and development finance institution the African Export-Import Bank (Afreximbank) has signed a project preparation facility financing agreement for an up to 200 MW private-sector, reservoir-based hydropower project to be located along the Lufira river, in the Democratic Republic of Congo (DRC)…The bank has partnered with independent power producer Kipay Investments, which will develop, design, build, install, commission and operate, as well as manage, the hydroelectric power plant…Afreximbank will finance the technical and bankability studies, legal, financial advisory and fundraising costs for the development of the project. It will also take the lead in structuring the project's debt financing…The captive power project will provide clean, reliable and affordable power to mining companies, thereby enabling beneficiation of critical minerals, including copper and cobalt, within the DRC and fostering significant value retention…The project will also expand electricity access to the nearby community enhancing access to education and healthcare facilities…Once completed, the project is expected to result in the reduction of greenhouse-gas emissions by approximately 108 000 t/y of CO₂-equivalent, thereby helping the DRC to meet its climate targets under the Paris Agreement…Further, the project has led to renewed optimism for socioeconomic development among the local population and across the country, said Kipay Investments Eric Monga. “It is important that local communities reap the benefits of the project, including creation of new jobs and capacity building for the future renewable energy sector in the DRC,” he emphasised.