U.S. battery power stimulus money matched

subscribe

U.S. stimulus money for advanced battery and electric vehicle grants has been matched at least dollar for dollar, the U.S. Department of Energy said.

The economic stimulus money, intended to create jobs and promote investment and consumer spending during the recession, is also projected to increase U.S. production of the world's batteries for hybrid and electric cars to 40 percent by 2015 from 2 percent this year, the department said.

The announcement came on the eve of U.S. President Barack Obama's visit to Holland, Mich., for the groundbreaking of a Compact Power Inc. factory.

The company, a subsidiary of South Korean conglomerate LG Corp., received $151 million in federal stimulus money last year to open the plant, which will make lithium-ion cells for plug-in hybrids and employ a projected 450 people by 2013.

The stimulus money was matched more than dollar-for-dollar by the company, the Energy Department said.

Compact Power lithium-ion batteries will be used in Chevrolet Volt, and will start selling in select U.S. markets in November.

Compact Power batteries will also be used in new electric versions of the Ford Focus - to be known as the Ford Focus BEV - which Ford Motor Co. plans to bring to market next year.

The Volt battery is designed to run an average 40 miles on a charge. The Focus battery is designed to run 100 miles.

Hundred-mile electric-car batteries costing $33,000 now could drop to $16,000 by 2013 and to $10,000 by 2015, due to the economic-stimulus money, the energy department said.

Forty-mile batteries costing $13,000 now are projected to fall to $6,700 by 2013 and to $4,000 by 2015, the department said.

Related News

Chris Ambler, JE's chief executive

Electricity prices may go up by 15 per cent

JERSEY CITY - Electricity prices could rise by ten to 15 per cent if a standby charge for some commercial customers is not implemented, the chief executive of Jersey Electricity has warned.

Jersey Electricity has proposed extending a monthly fee to commercial customers who generate their own power through renewable means but still wish to be connected to Jersey’s grid as a back-up.

The States recently unanimously backed a proposal lodged by Deputy Carolyn Labey to delay administering the levy until a review could be carried out. The charge, was due to be implemented next month but will now not be introduced until…

READ MORE
world-bank-backs-india-low-carbon-transition

World Bank Backs India's Low-Carbon Transition with $1.5 Billion

READ MORE

Ontario rolls out ultra-low electricity rates

Ontario rolls out ultra-low electricity rates

READ MORE

atlantic power lines

Atlantica - Regulatory Reform To Bring Greener Power To Atlantic Canada

READ MORE

ontario-drops-starlink-deal-eyes-energy-independence

Ontario Drops Starlink Deal, Eyes Energy Independence

READ MORE