Report: VP Joe Biden to announce stimulus battery grants in Detroit on Wednesday
The grants are separate from the Advanced Technology Vehicle Manufacturing Incentive Program. The ATVM program is the low interest loan program administered through the Department of Energy that helps pay for re-tooling of existing plants to produce more efficient vehicles. The first ATVM loans went to Tesla, Ford and Nissan.
This grant program does not require any repayment and is targeted more at basic research on advanced battery systems. It's not known who the grant recipients might be or how much of the money will be doled out this week. The DOE is also expected to announce more ATVM loans to battery makers in the near future. A123 Systems, EnerDel, Compact Power and other companies have all applied for a piece of that pie. Thanks to Brett for the tip!
[Source: Detroit News]
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