04/20/2009 05:12 am ET | Updated May 25, 2011

Obama Announces New Plug-In Hybrid Development Funds In California Speech

The fund is intended to spur growth in research and manufacturing of next-generation plug-in hybrid vehicles and advanced battery componenents for electric cars, while creating tens of thousands of US jobs and reducing US petroleum dependence. SCE is one of the largest electric utilities in the country and researches battery-powered and hybrid engines, along with potential impacts of having massive numbers of electric vehicles taking power from conventional utility networks. 4

President Barack Obama Thursday unveiled a 2.4 billion dollar boost for electric vehicle development, vowing to compete with foreign nations in the race to be world leader on renewable energy. 1

Moving to spur development of plug-in hybrid vehicles, Obama announced a new $2.4-billion plug-in stimulus package today, one he said will help industry meet his oft-stated goal of getting a million plug-in on U.S. roads by 2015. The money is in addition to $25 billion already set aside for loans to automakers under the Advanced Technology Vehicles Manufacturing Incentive program. 3

Obama spoke at Southern California Edison's Electric Vehicle Technical Center in Pomona, Calif., where he said the Department of Energy has now started taking grant proposals from electric-vehicle battery makers. 2
  1. Obama puts up $2.4 bln for electric vehicles (Yahoo Environment)
  2. Obama opens spigot on plug-in electric-car grants (Green Tech (cnet))
  3. Obama Announces New Plug-In Hybrid Development Funds In California Speech (Green Car Advisor (edmunds))
  4. President Obama Announces $2.4 Billion in Funding for Electric Vehicles (GreenOptions)

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