As the economic recovery of the United States continues to plod along, financial investment by the government into new clean economy markets continues to grow as well. This in particular applies to advanced batteries and vehicles, such as electric cars. A new report recently released by the U.S. Department of Energy (DOE) highlights this, showcasing the idea that these investments have both short and long term benefits for the economy.
The DOE’s report [PDF] spells out some interesting economic and statistical information related to Recovery funds being put towards advanced batteries and vehicles. It is noted, for example, that pre-Recovery funds, the United States produced just two percent of the batteries needed for cleaner driving cars. This production amount now looks like it could go up to 40 percent within the next five years. In another example, It is noted that before the Recovery Act, fewer than 500 electric vehicle charging stations existed around the country; post Act investments, that number is projected to be over 20,000 by 2012.
And, in an interesting footnote which shows the private investment sector is on board with advanced batteries and vehicles just as much as the government is, the DOE said that “for every dollar of the $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 minimum dollar for dollar.”