The Trump administration is proposing nearly $1 billion in funding to speed the development of U.S. critical minerals and materials, used in everything from electric vehicle batteries to semiconductors, the Energy Department said on Wednesday, Reuters reported.

The department intends to offer funding to advance and scale up mining, processing and manufacturing technologies in the critical minerals and materials supply chains, sectors that have been dominated by China and other countries, the statement said.

"For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security," said Energy Secretary Chris Wright, according to Reuters.