$2.4 Billion Grants to Speed Up Electric Vehicle Production
ELKHART, IN - Forty-eight new advanced battery and electric drive projects will receive $2.4 billion in funding under the American Recovery and Reinvestment Act to help accelerate the development and deployment of electric drive vehicles and technology. Winners were selected by the Department of Energy.
"[These investments] will help achieve the President's goal of putting one million plug-in hybrid vehicles on the road by 2015. And, most importantly, they will launch an advanced battery industry in America and make our auto industry cleaner and more competitive," said Energy Secretary Steven Chu.
The August 5 announcement marks the single largest investment in advanced battery technology for hybrid and electric-drive vehicles ever made. Industry officials expect that this $2.4 billion investment, coupled with another $2.4 billion in cost share from the award winners, will result directly in the creation tens of thousands of manufacturing jobs in the U.S. battery and auto industries.
The new awards cover the following areas:
- $1.5 billion in grants to U.S. based manufacturers to produce batteries and their components and to expand battery recycling capacity.
- $500 million in grants to U.S. based manufacturers to produce electric drive components for vehicles, including electric motors, power electronics, and other drive train components.
- $400 million in grants to purchase thousands of plug-in hybrid and all-electric vehicles for test demonstrations in several dozen locations; to deploy them and evaluate their performance; to install electric charging infrastructure; and to provide education and workforce training to support the transition to advanced electric transportation systems.
President Obama made the announcement August 5 at Navistar International Corporation, in Elkhart, Ind. Navistar will receive a $39 million grant to manufacture electric trucks which the company reports will ultimately will create or save hundreds of jobs when full scale manufacturing at the site commences.
View the full list of award winners.