Nevada is solidifying its position as a leader in the electric vehicle (EV) industry with the recent announcement that the Nevada Tech Hub, led by the University of Nevada, Reno, has been awarded approximately $21 million from the U.S. Economic Development Administration (EDA) [c94c23a3]. This funding will be used to advance the lithium batteries, critical elements, and other electric vehicle materials industry sectors within the state.
The Nevada Tech Hub was selected as one of 31 Designated Tech Hubs in October 2023 as part of Phase 1 of the Tech Hubs Program. The funding will support two projects: the Nevada Native Nations Center and the Workforce Development Component project. The Nevada Native Nations Center aims to address workforce barriers and provide career pathway opportunities for Native American and Indigenous peoples in the lithium batteries and electric vehicle materials industries. The Workforce Development Component project aims to develop a skilled workforce capable of meeting the hiring needs of the industry sectors [c94c23a3].
U.S. Senator Jacky Rosen, who announced the funding, believes that Northern Nevada has the potential to be a global leader in battery and electric vehicle innovation. The funding is part of the Tech Hubs Program authorized by the CHIPS and Science Act, which allocated $10 billion over five years. The EDA has been appropriated $541 million for the program to date [c94c23a3].
This investment in the Nevada Tech Hub will further strengthen the state's position in the EV industry. With over $15 billion in private investment and the creation of more than 12,000 jobs, Nevada is already a key player in EV and battery manufacturing. The state ranks fifth in the country for new investments in EV and battery manufacturing, as well as EV adoption per 1,000 vehicles. The growth of the EV industry in Nevada is not only benefiting the economy but also the environment [380036a5].
In addition to the funding received by the Nevada Tech Hub, the state has also invested $100 million in building nearly 2,000 EV chargers over three years, with plans to receive an additional $38 million from the National Electric Vehicle Infrastructure program for more charging stations. The expansion of charging infrastructure is expected to create over 160,000 jobs by 2032, with about 50% of those jobs being in electrical installation, maintenance, and repair [380036a5].
Nevada is making EVs more accessible and affordable for its residents. Currently, there are 37 EV models available in the state for less than the average new vehicle purchase price of $48,000. Over a 10-year period, EV owners in Nevada can save up to $27,900 compared to gas-powered vehicles. Additionally, federal tax rebates of up to $7,500 are incentivizing Americans to purchase EVs [380036a5].
Indiana is also experiencing growth in its EV manufacturing industry and economy. The state has attracted new investments in clean energy industries, including electric vehicle battery manufacturing. Two multi-billion-dollar EV battery plants are being established in Kokomo, with a total investment of $5.7 billion and the creation of 2,800 jobs. These plants will help create battery modules for EVs manufactured by Stellantis. General Motors and Samsung SDI are also planning a $3 billion battery cell plant in New Carlisle, creating 1,700 jobs [258c63a5].
Indiana aims to foster a pro-business environment that incentivizes major global companies to expand their presence in the state and capitalize on new investments in EV technology and manufacturing. The state's efforts to attract and support the EV industry are expected to drive economic growth, create jobs, and contribute to a cleaner and more sustainable future [258c63a5].