Hillcrest Energy Technologies. (CSE: HEAT)
From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future.
On September 30, Reuters reported that India and the United States are in the process of finalizing a memorandum of understanding (MoU) related to their collaboration on a critical battery mineral supply chain. However, it has not yet transformed into a comprehensive critical mineral trade agreement that would allow India to benefit from a $7,500 tax credit for U.S. electric vehicles. According to a source, the preliminary agreement on critical minerals aims to establish supply chains, share technology, and promote cooperation between Indian and U.S. companies in this sector.
Indian Trade Minister Piyush Goyal and US Commerce Secretary Gina Raimondo signed an agreement on October 3, intended to strengthen the supply chain for lithium, cobalt, and other key minerals used in electric vehicles and clean energy applications.
The U.S. Department of Commerce stated that the MoU, signed during Goyal’s visit to Washington, aims to enhance resilience in the industry for both countries.
The Commerce Department noted, “Key focus areas include identifying equipment, services, policies, and best practices to facilitate mutual business development in critical mineral exploration, extraction, processing, refining, and recycling between the U.S. and India.”
After signing the agreement, Goyal spoke at the Center for Strategic and International Studies in Washington, describing the MoU as a multifaceted partnership that includes an open raw materials supply chain, technology development, and investments to promote green energy. He emphasized the importance of incorporating third-party countries into this collaboration, particularly mineral-rich nations in Africa and South America.
In the 2023-24 fiscal year, bilateral trade between India and the U.S. is expected to reach nearly $120 billion, setting a new record.
Last year, Japan signed an agreement with the U.S. Trade Representative’s Office allowing Japanese automakers to participate more comprehensively in this tax credit initiative.
