IEEE-USA commends DOE's $2.4 billion grants to accelerate development of electric vehicles

USA commends the Department of Energy for awarding $2.4 billion in grants to fund 48 new advanced battery and electric drive projects. "We welcome these investments, because electrifying transportation addresses two of our greatest needs: reducing our consumption of petroleum and limiting the release of greenhouse gases," IEEE-USA President Gordon Day said.

The grants are the largest single investment in advanced battery technology for hybrid and electric-drive vehicles. When coupled with an expected $2.4 billion in cost share from the grant awardees, they are expected to create thousands of jobs in the U.S. battery and automotive industries. General Motors will receive about $241 million, Ford will get nearly $100 million and Chrysler $70 million.

Source: IEEE-USA