The President announced today $2.4 billion in stimulus spending on advanced battery technology spread across 48 different projects. The money, which is a grant (a.k.a., gift) will go to a variety of battery makers, tech companies, automakers and Universities.
General Motors appears to be the biggest winner, receiving $392.8 million to advance development of its hybrid plug-in, the Volt. Of that sum, $151.4 million goes to Compact Power, a subsidiary of LG Chem, who is producing batteries for the Volt. The rest goes directly to General Motors.
The other U.S. automakers received considerably less money. Ford gets $40 million, and Chrysler is getting $70 million. Don’t feel too bad for Ford, the company is supposed to receive $5.9 billion in a low cost loan from the DOE.
Nissan’s plan to change the world gets a nice shot in the arm from this go round of government spending. Its partner, Electric Transportation Engineering Corporation is receiving $99.8 million to deploy charging stations in the nine markets–towns in Tennessee, Arizona, California, Washington, Oregon–where Nissan initially plans on selling its electric car at the end of 2010.
The program will help out Nissan, but it will also help turn those parts of the country in electric vehicle hubs. They should have plenty of charging stations and infrastructure in place by the end of next year.
Other notable recipients include A123 and Johnson Controls, who will receive $550 million between them. EnerDel is also going receive $118.5 million.
President Obama announced the funding in Elkhart, Indiana, where unemployment is 16.8%, highest in the country. The emphasis of this spending was on job creation and weaning America off the always hated “foreign” oil. Says Obama in the release, “”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.”
Private matching funds will be spent by each company that receives stimulus money.
Here’s a map of where the money is going, and below that, a list of all the companies and projects.
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