From AAIA Capital Report
WASHINGTON, D.C. — The Department of Energy announced on Aug. 10 that more than $175 million would be awarded over the next three to five years to the development of advanced fuel economy technologies. By funding a total of 40 projects across 15 states, the department hopes to improve fuel efficiency for the next generation of vehicles.
"The Department of Energy is investing in new advanced technologies that will significantly improve vehicle fuel economy, save consumers money and create skilled jobs for Americans,” said Energy Secretary Steven Chu in announcing the funding. "Investments in the next generation of autos will strengthen our economy and lead to a more fuel-efficient, clean energy future."
In addition to contributions from participating companies, a total of $300 million has been devoted to a wide range of projects designed to address fuel economy. Eight projects, for instance, were awarded to the development of advanced fuel and lubricants with the hope of helping combustion engines perform better and longer. In addition, the creation of lighter weight materials, high-energy batteries, and more cost-efficient engines, were targeted as projects worthy of department funds.
President Obama recently introduced his plan for achieving long-term greenhouse gas and fuel efficiency standards for both light-duty and heavy-duty vehicles. The Department of Energy believes that by funding these innovative projects, automakers can have access to more advanced technologies as they attempt to meet the required standards.
The list of award winners can be found by clicking here.
