Vice President Joe Biden will be delivering a speech on the economic recovery efforts that have been implemented thus far at the NextEnergy Center in Detroit on Wednesday. The Detroit News is reporting that Biden will be using the occasion to announce the first round of battery research grants from a $2 billion program that was part of the stimulus package passed earlier this year.
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]

Share This Photo X