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During one of the sessions at the Electric Drive Transportation Association meeting here alongside the Washington Auto Show, our friend Felix Kramer from CalCars got an answer to a question that's been on his mind for a while: just how much will large-format lithium-ion batteries cost in five or ten years?

Battery manufacturer Valence Technology has big plans to expand its manufacturing capacity. To help pay for the investment, the Austin, Texas-based company has applied for a $225 million grant from the U.S. Department of Energy through the Electric Drive Vehicle Battery and Component Manufacturing Initiative. Valence plans to put another $359.4 million from other state and local incentive programs into the project.