(Bloomberg) -- South Korea said the Biden administration’s guidance on the Inflation Reduction Act has “significantly resolved” uncertainties for the country’s battery makers and battery-materials suppliers. 

The US and South Korea will be able to increase cooperation in the battery supply chain, South Korea’s trade ministry added, in a statement.

The Biden administration released the highly-anticipated guidance on Friday, clarifying provisions of the landmark US climate act known as the IRA. 

The latest guidance showed that sourcing and content requirements for battery materials had been loosened, South Korea’s trade ministry said. It would become easier for South Korean companies operating battery plants in the US to meet requirements, it added.  

The clarification of rules comes after a months-long lobbying blitz by the global auto industry aimed at loosening those sourcing and content requirements.

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