President Obama Announces $2.4 Billion in Funding for Electric Vehicles

Written by Clayton B. Cornell

You might also Digg:

Currently, there are no recent stories of this type.

President Obama announced today that $2.4 billion will be made available for the US-based development of plug-in hybrids and electric vehicles.

The fund is intended to spur growth in research and manufacturing of next-generation plug-in hybrid vehicles and advanced battery componenents for electric cars, while creating tens of thousands of US jobs and reducing US petroleum dependence. It should also help meet the President’s goal of putting one million plug-in hybrid vehicles on the road by 2015.

The President made the announcement while visiting Southern California Edison’s Electric Vehicle Center. SCE is one of the largest electric utilities in the country and researches battery-powered and hybrid engines, along with potential impacts of having massive numbers of electric vehicles taking power from conventional utility networks.

This investment will not only reduce our dependence on foreign oil, it will put Americans back to work. It positions American manufacturers on the cutting edge of innovation and solving our energy challenges.

-President Obama

The plan was partially outlined on the Department of Energy’s website:

• The Department of Energy is offering up to $1.5 billion in grants to U.S. based manufacturers to produce these highly efficient batteries and their components.
• The Department of Energy is offering up to $500 million in grants to U.S. based manufacturers to produce other components needed for electric vehicles, such as electric motors and other components.
• The Department of Energy is offering up to $400 million to demonstrate and evaluate Plug-In Hybrids and other electric infrastructure concepts — like truck stop charging station, electric rail, and training for technicians to build and repair electric vehicles.

The money is being made available under the American Recovery and Reinvestment Act of 2009.