09:59 AM EDT, 09/20/2024 (MT Newswires) -- Cabot (CBT) said Friday it was selected for an award negotiation of up to $50 million by the US Department of Energy to back the country's battery supply chain.

The grant will support the company's development of a US plant to make carbon nanotubes and conductive additive dispersions, Cabot said.

The materials are critical to the US lithium-ion battery supply chain for electric cars as well as for the electrical grid, the company said, adding the grant will cover about 30% of the estimated $181 million investment needed for the project.

The company said it plans to retrofit a former automotive site in Michigan, which will become the first US facility for the production of battery-grade carbon nanotubes and conductive additive dispersions.

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