Manganese X Energy Corp (MN) has put out a statement applauding President Biden’s decision to sign an executive order intended to strengthen and diversify America’s supply chains for key items, including resources related to the production of batteries for electric vehicles.
The order sets out the government’s intention to assess “possible avenues for international engagement” for the securement of critical minerals. Manganese X specialises in two of the resources which the executive order deemed critical minerals, manganese and graphite. Therefore, this order could lead to important business from the Biden administration in the future.
“The Executive Order is extremely favorable to the Company’s efforts to commercialize our manganese production. The US Administration’s effort to secure domestic supply chains puts our company at the center of a North American bullseye. Our Battery Hill, New Brunswick manganese property is in close proximity to the US border. Further, as duly noted, there is currently zero North American manganese production. Manganese X Energy is positioning to cure this domestic vulnerability by accelerating our commercialization efforts to be a supplier to the growing North American Electric Vehicle (EV) sector,” said Martin Kepman, CEO Manganese X Energy Corp.
The executive order is part of a larger effort by the Biden administration to make the US less dependant on a single supplier for key materials. These key materials include semiconductors, pharmaceuticals, critical minerals, and large-capacity batteries. The administration’s goal is to diversify their supply chains to protect them from future problems which disrupt global trade.
This push is also part of the Biden administration’s broader push to invest in the production of electric vehicles. Electric vehicles play an important role in his administration’s plan to fight climate change and reduce greenhouse gas emissions. Therefore, increasing demand for EVs will lead to increasing demand for electric vehicle batteries and the minerals needed to make them.
“While utilizing these EV batteries, the future in general looks very promising for manganese in the Lithium-ion battery world. Manganese is poised to become one of the primary elements and the catalyst in the manufacturing of all new Lithium-ion batteries and future backup energy storage products, harvested from clean energy produced by solar, wind and tidal systems,” stated Martin Kepman, CEO Manganese X Energy Corp.
The news has not had a significant effect on the company’s stock price.
Manganese X Energy Corp. is an Equity.Guru marketing client.