U.S. invests record $2.4 billion in batteries for electric vehicles

President Barack Obama announced at a Navistar International Corporation factory in Elkhart, Indiana, on Wednesday, a $2.4 billion investment from the Department of Energy, for advanced battery technology for hybrid and electric-drive vehicles, the single largest investment ever made for this purpose, according to the department.

The historic investment that will be coupled with an additional $2.4 billion in cost share from the award winners for electric drive vehicle battery and component manufacturing initiative, the Department of Energy said. The investment is expected to create tens of thousands of manufacturing jobs in the United States batteries and auto industries.

A total of 48 nationwide projects were selected by the DOE including those from the country's largest automakers General Motors Co., Ford Motors Co., and Chrysler, as well as battery makers A123 Systems, EnerDel and a few universities among other developers.

The funds will be from the DOE's stimulus package allocated earlier this year by President Obama.

Vice President Joe Biden and four members of the Obama administration discussed the announcement from different states across the country on Wednesday. In Detroit, Michigan - whose companies and institutions are receiving the largest share of grant funding of any state under the initiative - Biden announced over $1 billion in grants.

Steven Chu, Secretary of Energy, visited Charlotte, North Carolina, to announce a grant of $49 million for Celgard LLC, a battery-component maker - while Commerce Secretary Gary Locke in Kansas City, Missouri announced a $10 million grant for Smith Electric Vehicles U.S. Corp.

The Administrator for the Environmental Protection Agency, Lisa Jackson in St Petersburg, Florida announced a $95.5 million grant for Saft America, Inc. to construct a new plant in Jacksonville, and Deputy Secretary of the Department of Transportation John Porcari in East Penn Manufacturing Co. in Lyon Station, Penn. Announced $32.5 million for the firm.

A map of the awarded winners was made available by the Department of Energy here.