Batteries Get Stimulus Grants

Filed in archive Automobiles on May 27, 2009

VentureBeat pointed out last week that $2 billion worth of federal grants were being awarded to battery makers in the near future. Grants will run between $100 million and $150 million. The deadline to apply for a Grant was yesterday.

From the article:

Candidates for the money are required to prove they already have the funds to cover half of their project costs. Winners will be announced in July and receive their allotments in September. There are other guidelines, too. For example, $275 million will go to component and material makers, and $350 million will go to companies that make electric drive equipment. But the majority of the money - $1.2 billion at least - is already set aside for companies looking to build battery manufacturing facilities, with emphasis on lithium-ion and other advanced batteries for cars.

The DOE expecting recipients to eventually turn out between 20,000 and 100,000 batteries for plug-in hybrid and low-emission vehicles every year, according to VentureBeat.


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