Genomines

⛏️ Indonesia dominates today’s global nickel supply. According to the International Energy Agency (IEA), 50% of the world’s nickel comes from Indonesia. This figure is expected to jump to 60% by next year and to an impressive 75% by the year 2030. ⚠️ BUT, starting in 2025, most of this Indonesian nickel may no longer be compliant with a key provision of the United States’ Inflation Reduction Act (IRA).  🌏 Context  The IRA allocates a record-breaking $400 billion to support clean energy efforts. One often-discussed provision of the IRA is the EV Tax Credit, which provides up to a $7,500 incentive for purchasing an EV. Starting in 2025, this credit may not be earned if an EV contains critical materials that come from a company that is more than 25% owned by a “Foreign Entity of Concern”  (a condition for eligibility that the U.S. Department of the Treasury Department clarified in December 2023). 📖 TLDR: Long story short, given the breakdown of mine ownership in Indonesia, this clarification by the Treasury Department means that most of the Indonesian nickel supply will be ineligible for the EV Tax Credit. 🧐 So why do we care? 1. The fact that the US Government felt it was necessary to take this step confirms nickel’s strategic role in the eyes of the world’s major powers. 2. US players in the EV battery value chain urgently need to find new sources of nickel if they are to benefit from subsidies of up to $7.5k per EV sale. 3. This is why a company like Genomines exists. We strive to offer a secure and diversified future source of nickel, with an abundance of reserves, through cleaner and cheaper methods than traditional sources. At Genomines, we offer an alternative source of nickel. Feel free to reach out if you want to learn more. 😉😉 Link to the U.S. Department of the Treasury press release: https://lnkd.in/eUvezXR2 Dali Rashid, PhD. Jack Turner Stéphane Lopez Alexandre Mouen Makoua Gaetan de Buyer Vineeth Nair Léa Cartegini Boney Kuriakose Ph.D. Naeif Matar, PhD Naeimeh Sousaraei, PhD. Muhsin Parson Zakaria Rifai, MS Danish AHMAD Mehmet Ali Recai Önal Hasan KOLKAS, PhD. Yanyan Zhao Nathan Pinatel Reem Mirza Sylvain Roulain Abhay Veer Singh Aidan Dunning Edouard LAJOUANIE Julia Nguyen Iuliia Kurguzova Kathea Franchesca Maclang Cole Woodruff Lara Dumont Golovanoff Nicolas Douay Michel Bonnemaison Jonny Everett Clea Kolster, PhD Clay Dumas Sake Bosch David Helgason Jérôme Schmitt Ghislain Lescuyer Bastien Oggeri