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Obama announces $2.4 billion for electric vehicles

Obama has announced $2.4 billion in grants to develop EVs, their batteries, and the infrastructure to handle it, welcome news indeed. This includes

  • The Department of Energy is offering up to $1.5 billion in grants to U.S. based manufacturers to produce these highly efficient batteries and their components.
  • The Department of Energy is offering up to $500 million in grants to U.S. based manufacturers to produce other components needed for electric vehicles, such as electric motors and other components.
  • The Department of Energy is offering up to $400 million to demonstrate and evaluate Plug-In Hybrids and other electric infrastructure concepts — like truck stop charging station, electric rail, and training for technicians to build and repair electric vehicles.

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