Tags : electric cars, obama
White House Announces $2.4 Billion Investment For Electric Cars
Wakarusa, IN (AHN) – The White House on Wednesday announced $2.4 billion in grants for makers of electric vehicles and next-generation car batteries, making the single largest investment in such technology. The money will come from the administration’s $787 billion economic stimulus, which President Barack Obama and five other administration officials discussed in separate speeches across the nation the same day.
Speaking at Monaco RV in Indiana, Obama sought to assure the hard-hit state that the investment would create or save hundreds of jobs. He said Navistar International Corp., which owns Monaco RV, will receive $39 million in grants, one of seven projects in the state will that will get more than $400 million.
“If we want to reduce our dependence on oil, put Americans back to work and reassert our manufacturing sector as one of the greatest in the world, we must produce the advanced, efficient vehicles of the future,” the President said.
Overall, 48 projects in 20 states will receive funds from the American Recovery and Reinvestment Act to develop and make batteries and components for next-generation electric cars.
Vice President Joe Biden spoke in Detroit the same day to announce more than $1 billion in grants for Michigan-based projects. The Great Lakes State, the heart of the nation’s ailing automotive industry, will receive the largest share of the funds. More than $400 million will be given
to auto makers including the Big Three — Chrysler, Ford and General Motors — while two companies, A123 and Johnson Controls, will receive a total of $550 million to establish a manufacturing base in the state for advanced batteries.
Another two Michigan companies, Compact Power and Dow Kokam, will get $300 million for making battery cells, while three universities in the state will receive $10 million in total for training researchers and technicians about the technology.
“For our nation and our economy to recover, we must have a vision for what can be built here in the future – and then we need to invest in that vision,” Biden said. “That’s what we’re doing today and that’s what this Recovery Act is about.”
In North Carolina, Energy Sec. Steven Chu unveiled a $49 million grant for Celgard to expand its production to address the increased demand in lithium-ion batteries from U.S. manufacturers.
Environmental Protection Agency Administrator Lisa Jackson, meanwhile, visited Florida with news of a $95.5 million grant for Saft America to make lithium-ion cells and battery packs for military, industrial and agricultural vehicles.
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