Green Energy Stimulus Encompasses Hybrid Electric Vehicles
Brian Coppa on August 26, 2009
President Obama announced 48 new advanced battery and electric vehicle projects in early August that will receive $2.4 billion of the $61.3 billion in overall green energy funding under the American Recovery and Reinvestment Act or Stimulus package.
The stimulus funding will help achieve the president's goal of enabling one million plug-in hybrid vehicles to be driven by 2015, which will ultimately reduce the impact of global warming by virtue of lessened carbon emissions.
This $2.4 billion of funding is the largest investment in advanced battery technology for hybrid and electric-drive vehicles, and it stands as much-needed relief for U.S. automakers amidst the strain of severe financial losses and increased future fuel efficiency and emissions standards. It is also designed to keep American automakers competitive, as the global industry shifts more towards electric vehicles.
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