An enormous lithium mine in the Nevada desert was granted final government approval Thursday in a project the miner predicts will quadruple U.S. production of a mineral critical to the renewable energy revolution.

Operations at Rhyolite Ridge will produce enough lithium to supply the batteries for more than 370,000 electric vehicles every year

Mining companies and the U.S. government are investing in increased extraction for lithium, which is a critical component in some renewable energy technology, especially electric vehicle batteries and large grid-scale storage batteries.

In 2021 alone, global lithium production was 100,000 metric tons. By 2025, that number is projected to increase to 200,000 million tons.

Electric Vehicles (EVs) are widely considered the future of the auto market.

The European Union, the United States, and China seek to capitalize on critical mineral resources worldwide and develop the capacity to extract and process the materials needed to produce batteries. Domestically, the United States is working to expand the use of charging stations for growing EV demand.

Funded via the Department of Energy (DOE) as part of the $2bn  Domestic Automotive Manufacturing Conversion Grant program, the funding will enable small- and medium-sized suppliers to adapt their manufacturing facilities to support the EV supply chain.

Funding will be focused on six states with historically significant automotive workforces, helping to drive high-paid union jobs in the EV manufacturing sector.