August 5, 2009

$2.4bn money boost for batteries and EVs

Companies developing next generation batteries and electric vehicles will get further funding from the Obama administration through the expected $2.4bn grants from the US Department of Energy (DOE) courtesy of the American Recovery and Reinvestment Act.

According to the DOE, 48 new projects where selected to accelerate the development of U.S. manufacturing capacity for batteries and electric drive components as well as the deployment of electric drive vehicles.

DOE said this is the single largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made. Aside from the $2.4bn grant, award winners will contribute to the projects another $2.4bn.

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