US earmarks US$5bn to boost national EV charging network
The U.S. Department of Transportation and Energy has earmarked $5 billion in investments over the next five years to build a national electric vehicle charging network along interstate highways and designated alternative fuel corridors.
The investment falls under the National Electric Vehicle Infrastructure (NEVI) Formula Program established by President Biden’s Bipartisan Infrastructure Law. The goal of government officials is to win the electric vehicle (EV) race by working with states, labor, and the private sector to deploy a nationwide charging network that will make EV charging accessible for more Americans.
Under the NEVI Formula Program, the total amount available to states in 2022 - after submitting an EV Infrastructure Deployment Plan - is $615 million. A second grant program (seen at $2.5bn) to further increase EV charging access will be announced later this year (2022).