01:40 PM EST, 12/18/2024 (MT Newswires) -- Toyota Motor ( TM ) said Wednesday that its Toyota Engineering & Manufacturing North America unit is set to receive $4.5 million in federal funding as part of a program that aims to support a circular domestic supply chain for electric vehicle batteries.

The funding will come from the US Department of Energy, Advanced Research Projects Agency-Energy, the company said.

The project aims to develop a template for a 3R facility to help resolve supply chain bottlenecks related to the automation of battery pack disassembly, data-driven battery classification, and cell degradation, according to Toyota ( TM ).

A division of Toyota Engineering & Manufacturing North America will administer the project in partnership with Oak Ridge National Laboratory, National Renewable Energy Laboratory and Baker Hughes' ( BKR ) Waygate Technologies, Toyota ( TM ) added.

Price: 178.68, Change: +5.40, Percent Change: +3.12