Ahead of President Obama's trip to Holland, Michigan tomorrow for the official groundbreaking of the new Compact Power plant, the Department of Energy today released a new report on the economic impact of Recovery Act investments in advanced batteries and vehicles. The report, ‘Recovery Act Investments: Transforming America's Transportation Sector,’ documents how Recovery Act investments are being matched with private capital to create new jobs, construct new plants, install electric vehicle charging stations nationwide and help build the emerging domestic electric vehicle industry from the ground up.
Key highlights of the report include:
- For every dollar of the US$ 2.4 billion in seed money the government provided through the Recovery Act advanced battery and electric vehicle grants, the companies have matched it at a minimum of dollar for dollar.
- Pre-Recovery Act, the US produced only 2% of the world's batteries for advanced vehicles, as a result of Recovery Act investments the US will have capacity to build 20% of the world’s batteries by 2012, and 40% by 2015.
- Nine of the new battery plants opening as a result of Recovery Act investments will have started construction by Thursday, and four of those will be operational by the end of the year.
- Before the Recovery Act, high battery costs meant a car with a 100 mile range would need a battery that cost US$ 33,000. Because of the higher-volume of domestic manufacturing the Recovery Act is spurring, the cost of such a battery could come down to US$ 16,000 by the end of 2013 and US$ 10,000 by the end of 2015.
- As a result of Recovery Act investments, there will be over 20,000 electric vehicle charging points by 2012, a massive increase from the 500 pre-Recovery Act.
Compact Power is the ninth of nine new advanced battery plants that will open as a result of the US$ 2.4 billion in Recovery Act advanced battery and electric vehicle awards President Obama announced last August. There were no domestic factories performing high volume battery production before the recovery Act investments, but there will now be capacity to build approximately 40% of the world’s batteries by 2015.
In addition to the President's event, a half dozen Cabinet Members and senior Administration officials are traveling across the country this week, visiting businesses that are benefiting from Recovery Act investments in advanced batteries and electric vehicles and surveying the significant progress they have made in less than a year.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/16072010/doe_releases_report_on_the_impact_of_recovery_act/