The Joe Biden administration has started accepting applications for $2.5 billion in grants over five years to fund public charging electric vehicle sites across the country.

What Happened: The Charging and Fueling Infrastructure, or CFI, Discretionary Grant Program will provide $2.5 billion over five years to applicants, including cities, counties, local governments and Tribes.

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The Department of Transportation said in a statement that the move is a step towards achieving President Biden’s objectives of building a national network of 500,000 public electric vehicle charging stations and cutting down national greenhouse gas emissions by 50-52% before 2030.

The CFI program is divided into two distinct grant funding categories — community and corridor.

While the community program funds EV chargers along public roads and other publicly accessible locations, the corridor category will fund towards chargers and other fueling stations along highways.

Why It’s Important: Leading automakers such as Tesla Inc. (NASDAQ:TSLA), Ford Motors Co. (NYSE:F) and General Motors Co. (NYSE:GM) have ventured into EV charging expansion across the United States.

Tesla has committed to making at least 7,500 chargers available for all EVs by the end of 2024. 

General Motors, in partnership with FLO, has announced a collaborative effort with dealers to install as many as 40,000 public Level 2 electric vehicle chargers in local communities by 2026, according to a statement.

Ford has committed to installing at least one public-facing DC Fast charger with two ports at 1,920 dealerships by January 2024.

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