President Barack Obama yesterday announced the availability of $2.4 billion in funding for next generation Plug-in Hybrid Electric Vehicles and battery components.
While visiting Southern California Edison's Electric Vehicle Center, the President said the initiative will create tens of thousands of U.S. energy storage jobs and help end U.S. addiction to foreign oil.
"This investment will not only reduce our dependence on foreign oil, it will put Americans back to work," President Obama said. "It positions American manufacturers on the cutting edge of innovation and solving our energy challenges."
Obama pledged to put a million plug-in hybrid vehicles on the road by 2015. He said this will be achieved in part by the $7,500 tax credit for Americans who buy the vehicles when they become available.
The Department of Energy funding announced yesterday includes:
- up to $1.5 billion in grants to U.S. based manufacturers to produce batteries and their components.
- up to $500 million in grants to U.S. based manufacturers to produce other components for electric vehicles, such as electric motors.
- 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.
Advanced batteries, capable of meeting standards for durability, performance, and weight, are a key technology for plug-in hybrid electric vehicles and other electric vehicles. In a release, the DOE said it plans to provide assistance to construct or upgrade battery manufacturing, component, and recycling plants for lithium-ion and other advanced batteries, as well as for production factories for electric drive vehicle power electronics.
These agreements are expected help lower the cost of battery packs, batteries, and electric propulsion systems.
DOE will also support demonstration, evaluation and education projects to help develop the market for advanced electric drive vehicles, including demonstrating electric vehicle technologies such as truck stop electrification to reduce idling, electric rail, and necessary infrastructure.
These projects will be paid for by the American Recovery and Reinvestment Act of 2009.
Obama on Leno
Later in the day, President Obama appeared on The Tonight Show with Jay Leno. You can watch his interview at the link below.
