White House Gives $2B Jolt To Electric Car Efforts

Law360, New York (August 6, 2009, 3:48 PM EDT) -- President Barack Obama has committed $2.4 billion in stimulus funds to companies and universities working on researching, developing and manufacturing advanced battery and electric drive technology, in hopes of jump-starting a cleaner U.S. automotive industry and fueling job creation.

The White House announced Wednesday that 48 projects in 20 states would receive grants worth an estimated $2.4 billion through the U.S. Department of Energy.

The government's investment through the American Recovery and Reinvestment Act will be matched by another $2.4 billion cost share from award winners,...
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