SCHUMER LAUNCHES PUSH FOR iM3NY’S $700 MILLION DEPARTMENT OF ENERGY PROPOSAL TO SUPERCHARGE BATTERY MANUFACTURING IN THE SOUTHERN TIER
Schumer Fought Non-Stop To Deliver Major Federal Investment For Binghamton University’s New Energy NY Project To Transform The Southern Tier Economy Into A Cutting-Edge Battery Research And Manufacturing Hub
Endicott’s iM3NY Is At The Forefront Of Lithium Battery Technology And Poised To Benefit BIG From Billions In The Just-Passed Inflation Reduction Act & Bipartisan Infrastructure Law
Senator Wants Feds To Double Down On The Southern Tier’s Emerging Battery Cluster And Supercharge iM3NY’s Growing Gigafactory With Major Department Of Energy Investment To Spark Next Phase Of Growth
Schumer To DOE: It Is Time To Jump Start Manufacturing And Supercharge Battery Production In The Southern Tier!
After delivering major federal investment to help Binghamton University and other Southern Tier partners make the region into a hub for cutting-edge battery research and manufacturing, U.S. Senate Majority Leader Charles E. Schumer today announced his support of Imperium 3 New York’s (iM3NY) up to $700 million application to the Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan (ATVM) Program.
Schumer explained that iM3NY, an innovative lithium-ion battery cell company in Endicott, NY, is currently ramping up production to meet the global demand for American-made batteries, and that they have submitted a proposal to the DOE program funded by the Schumer-championed Inflation Reduction Act to expand their gigafactory’s manufacturing capacity. The senator said that iM3NY is a critical part of the Southern Tier’s emerging battery research and manufacturing ecosystem, and that additional federal support would help the company create more good-paying jobs and further position the region to be a national leader in an industry that will define the next century.
“This iM3NY proposal to establish a new clean-energy battery manufacturing facility here in Binghamton could be a massive win-win: supercharging new, good-paying jobs for the Southern Tier and clean energy for America, so I am urging the federal Department of Energy to support this effort,” said Senator Schumer. “I am proud to lead the charge to make the Southern Tier and Upstate a major hub of America’s new clean-energy ‘Battery Belt.’”
Schumer added, “iM3NY is a key part of the region’s emerging battery research-and-manufacturing hub and its growth presents the Greater Binghamton area with an opportunity to fully realize the benefits of the clean-energy economy. That is why I have fought non-stop to elevate the Southern Tier and Upstate New York as America’s next home for battery research, innovation, and manufacturing. Now, with once-in-a-generation investments in clean-energy manufacturing from the Inflation Reduction Act and the Bipartisan Infrastructure Law, and revolutionary companies like iM3NY leading the charge, Upstate New York can power our nation’s future.”
“Expanding domestic battery manufacturing and strengthening critical supply chains are key to North America’s energy transition. We at C4V and iM3NY are at the forefront of realizing the opportunities of the clean energy economy, and are committed to doing so right here in Upstate New York,” said Shailesh Upreti, CEO of C4V and Chairman of the Board for iM3NY. “We are deeply appreciative of Senator Schumer’s support and his leadership in ushering game-changing legislation to passage. His tireless efforts, coupled with that of an incredible team of stakeholders, investors, management, universities, and others, fuel our efforts to transfer innovative technologies from lab to market. Together, we will transform the Southern Tier into a national hub for battery manufacturing and drive the United States toward a clean energy future.”
Earlier this year, iM3NY commenced commercial production in Endicott, NY, and is North America’s only pure homegrown battery cell gigafactory. C4V is the parent company founded by Shailesh Upreti, a former student of Nobel Laureate Professor M. Stanley Whittingham. The company was incubated in Binghamton University. iM3NY’s battery cells can be used in electric vehicles, grid-scale energy storage systems, and critical military applications. Schumer said batteries are integral to everyday life, helping to power mobile phones, laptops, smart watches, and electric vehicles, but unfortunately, much of the manufacturing of this critical technology has been offshored, leaving the country vulnerable to supply chain disruptions that can raise costs for working families, jeopardize livelihoods, and compromise U.S. national security.
To help bring this industry back to America, Schumer in the Bipartisan Infrastructure Investment and Jobs Act (IIJA) helped add $6 billion for federal incentives to build a domestic battery production industry and the battery mineral supply chain. Furthermore, the Inflation Reduction Act (IRA) added hundreds of billions in loan authority for the Department of Energy’s loan programs to make critical investments in on shoring these supply chains. The senator said he is now pushing for iM3NY to access these investments beginning with its application for a loan through the Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan (ATVM) Program. The ATVM loan program offers low-cost debt capital for advanced technology vehicles and eligible component manufacturing, like batteries, in the United States.
Schumer recently wrote to U.S. Secretary of Energy Jennifer Granholm in support of iM3NY’s application, underscoring the importance of this investment in positioning iM3NY to scale up clean tech manufacturing and hire more workers in the Southern Tier. The DOE loan would boost iM3NY as they work to increase production capacity to 38 gigawatt-hours (GWh). iM3NY estimates that they would add 80 to 100 jobs per GWh or at least 3,000 new, green jobs if the facility is able to reach full capacity. Schumer said iM3NY’s contributions to the clean energy industry, including supplying electric vehicles and stationary storage, will help advance the deployment of electric vehicles and other clean technologies nationwide. Schumer has previously helped elevate iM3NY’s pivotal role to the feds before. In October, following his personal invitation, Schumer welcomed U.S. Assistant Secretary of Commerce for Economic Development, Alejandra Castillo, to the Southern Tier to show her and the Biden administration firsthand how the region is poised to supercharge the growth of America’s battery industry. During the visit, Assistant Secretary Castillo toured iM3NY’s factory located on the Huron Campus.
Since becoming majority leader, Schumer has
secured more
than $135 billion to expand domestic manufacturing of batteries for electric
vehicles and other energy storage applications. In addition, Schumer’s
bipartisan CHIPS and Science Act invests billions in the National
Science Foundation (NSF) to bolster research as well as STEM education and
training opportunities at places like Binghamton University to develop the
workforce needed to support growing domestic manufacturers like iM3NY. Schumer
said iM3NY ramping up operations couldn’t come at a better time with new
provisions in the Inflation Reduction Act, like the Electric Vehicle Tax
Credit, already creating huge demand for new, clean electric vehicles powered
by and American-made batteries produced by domestic companies like
iM3NY.
One of Schumer’s first major acts as majority leader was leading the American Rescue Plan to passage, bolstering America’s response to the pandemic and boosting the long-term economic recovery of regions that needed it most through programs like the $1 billion Build Back Better Regional Challenge. As the Regional Challenge program was stood up, and Binghamton University developed its battery hub proposal, Schumer began personally advocating to Secretary of Commerce Gina Raimondo for the selection of the Southern Tier for major federal investment. In December 2021, following Schumer’s advocacy, Binghamton’s project was selected as a Phase 1 awardee out of over 500 applications from around the country to compete for a final award. In April 2022, Schumer personally visited the Southern Tier to double down on his advocacy and once again urge federal leaders to select Binghamton as a final Regional Challenge awardee. In June 2022, Schumer, Binghamton University President Harvey Stenger, and Dr. Whittingham, all joined forces and penned a joint op-ed on the importance of bolstering battery technology for America’s future to again try to elevate the profile of the project.
Finally in September 2022, Schumer secured Binghamton’s spot as a final awardee, with a $63.7 million federal investment, one of the largest grants in the country from the program, which was matched by $50 million in funding from New York State, to help make the Southern Tier and Finger Lakes a national hub for battery research and manufacturing. Shortly thereafter Schumer brought U.S. Assistant Secretary of Commerce for Economic Development, Alejandra Castillo, to Binghamton, to show the Biden administration firsthand the potential the Southern Tier has as a nation-leading center for battery innovation and manufacturing. Most recently, Schumer took Binghamton’s Dr. Whittingham as his personal guest to President Biden’s State of the Union, in his continued effort to show the nation how Upstate New York is primed to lead the future of American battery manufacturing.
A copy of Senator Schumer’s letter of support appears below:
Dear Secretary Granholm:
I am pleased to write in support of the application submitted by Imperium 3 New York (iM3NY) to the Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing Loan (ATVM) Program. This project is an important component of the Southern Tier’s emerging battery research and manufacturing ecosystem, with investment supporting a major project that will strengthen the U.S. battery supply chain and advance the deployment of electric vehicles and other clean technologies nationwide.
The unprecedented challenges presented by the COVID-19 pandemic have underscored the need to build a secure domestic battery and materials supply chain. The “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth” report concluded that large capacity batteries are one of four products essential to America’s economic and national security. iM3NY’s proposal is an opportunity to invest in an American manufacturer that has supported the growth of U.S.-based materials processing and procurement.
Funding from DOE would enable iM3NY to scale up production capacity to 38GWh by 2030, directly creating an estimated 80-100 jobs per GWh or at least 3,000 new, green jobs. iM3NY’s Gigafactory in Endicott, NY, recently commenced commercial production as North America’s only pure homegrown battery Gigafactory, and will actively contribute to the growth of the clean energy industry, including the electric vehicle and stationary storage sectors. Furthermore, an investment by DOE would support the resurgence of a distressed area of New York’s Southern Tier region, create good-paying jobs, and bolster U.S. competitiveness in the lithium-ion battery market, helping to bring the manufacturing of this critical technology back to America.
I applaud iM3NY for its foresight and sincerely hope the application is met with your approval.
Sincerely,
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