Stimulus Update: Next Generation Electric Vehicles Funds Released
While visiting Southern California Edison’s Electric Vehicle Center Thursday, President Obama announced the availability of $2.4 billion for the “Electric Drive Vehicle Battery and Component Manufacturing Initiative” and “Transportation Electrification”.
The funds will be awarded through competitive grants. Specific announcements are available here (for the Manufacturing Initiative) and here (for the Transportation Electrification). Both grants are “unrestricted” meaning all entities may apply.
The programs are intended…
To put American ingenuity and America’s manufacturers to work producing next generation Plug-in Hybrid Electric Vehicles and the advanced battery components that will make these vehicles run. The initiative will create tens of thousands of U.S. jobs and help us end our addiction to foreign oil. Americans who decide to purchase these Plug-in Hybrid vehicles can claim a tax credit of up to $7,500.
Specifically, the DOE is offering:
- Up to $1.5 billion in grants to U.S. based manufacturers to produce these highly efficient batteries and their components.
- Up to $500 million in grants to U.S. based manufacturers to produce other components needed for electric vehicles, such as electric motors and other components.
- 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.
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