$21 million coming to Nevada’s ‘Lithium Loop’ tech hub

RENO, Nev. (KOLO) - The state of Nevada is currently the only place in the country where lithium is extracted, processed, and later recycled.

"Turns out there is a lot of lithium here," said Dragonfly Energy CEO Denis Phares. "So, it is a great place to start a battery company."

Phares says he realized the potential of this area several years ago and relocated his company here, and it was inside his warehouse, where Senator Jacky Rosen made Tuesday's big announcement

"I am so proud to announce that we were able to secure $21 million for the next phase of Nevada's Lithium Loop tech hub," she announced.

The lithium loop was one of 31 regional programs that were designated as tech hubs last year by the Biden administration. It is part of the federal government's goal to establish renewable energy sources on American soil to minimize reliance on foreign nations.

"The whole point of this initiative is to invest in areas with something special," said U.S. Secretary of Commerce Gina Raimondo. "Of course, here it is lithium with the largest deposit in North America."

Secretary Raimondo says that President Biden's "Investing in America" agenda is designed out-innovate and out-compete the rest of the world.

"What we are trying to do is to have the industries of the future started in America, grown in America, and creating jobs for American workers"

The Nevada tech hub is part of an effort to expand the nation's tech centers beyond coastal areas like Silicon Valley. It's led by the University of Nevada, Reno, and it's clear that Provost Jeff Thompson sees its importance.

"This is an opportunity for Northern Nevada and Reno to be a part of the green revolution," he said.