House Energy Bill Doubles Funding For Advanced Technology Vehicles

6/29/2009 10:00:00 PM

Additional $25 billion for tech development to reduce dependence on foreign oil and reduce pollutants…

Washington, DC, June 29, 2009 – In the sweeping energy bill passed by the House on June 26, federal loans to OEMs and suppliers would double to $50 billion for the development of electric powered (EV) and other advanced technology vehicles, reports Automotive News.  The bill, which is the first legislation to address global warming by reducing GHG emissions, squeaked by on a 219-212 vote, and is now in the Senate where its passage is less certain.   President Barack Obama worked hard to secure passage of the bill, which urges the development not only of vehicles but the charging infrastructure necessary to refuel them.  In an announcement last week, Energy Secretary Steven Chu awarded nearly $6 billion of a requested to $11 billion to Ford Motor Company for plant retooling that will allow it to produce fuel-efficient cars in addition to electric vehicles.  Nearly $2 billion was awarded to Nissan Motor Company to produce 100,000 EVs in Tennessee while $465 million was given to California’s Tesla Motors to develop EVs in California.  The remaining $17 billion is expected to be distributed among other automakers and parts suppliers in the coming months.  The bill requires electric utilities to ‘consider’ creating charging stations in multiple places, including homes and highway rest stops.  The Obama administration wants to see one million EVs and plug-in hybrid vehicles on roads throughout the US by 2015.  

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