Obama Announces $2.4 Billion for Electric Vehicles

President Barack Obama today announced the launch of two major programs that will drive the development of the next generation of electric vehicles in the United States and support the growth of domestic jobs. As part of the American Recovery and Reinvestment Act, the U.S. Department of Energy announced the release of two competitive solicitations for up to $2 billion in federal funding for competitively awarded cost-shared agreements for manufacturing of advanced batteries and related drive components, as well as up to $400 million for transportation electrification demonstration and deployment projects.

By contributing to the reduction of petroleum use and greenhouse gas emissions, these projects will advance the United States’ economic recovery, national energy security, and environmental sustainability. Today’s announcement will also help meet the president's goal of putting one million plug-in hybrid vehicles on the road by 2015.

Reprinted from EERE Network News, a free newsletter of the U.S. Department of Energy.