The White House announced on Wednesday a package of more than $2 billion in grants for the development of advanced battery technology to fuel a new generation of environmentally-friendly automobiles, a large chunk of which will be going to the Big Three American automakers. Automotive News reports:
The Obama administration today announced $2.4 billion in grants to General Motors Co., Ford Motor Co., Chrysler Group and other companies to speed development of electric vehicles and batteries in the United States.
The grants, funded under the stimulus package enacted last February, include the biggest investments ever in the United States for advanced battery technology for hybrid and electric-drive vehicles, President Barack Obama said in a speech today.
A total of $1.5 billion is being given to U.S. manufacturers to make batteries and their components and to expand battery recycling capacity, the White House said in a statement.
More than half of the $2.4 billion in grants will be going to companies and universities in the state of Michigan, which is good news at a time when we need as much of that as we can get.