Would-Be Car-Battery Kings Jostle Over $2.4B From Feds

States seek to become lithium-ion capital of US
By Matt Cantor,  Newser Staff
Posted May 26, 2009 9:23 AM CDT
Would-Be Car-Battery Kings Jostle Over $2.4B From Feds
A123Systems announced today it has raised $69 million from GE and other investors to accelerate the expansion of its US lithium ion battery manufacturing and smart grid capabilities.   (Business Wire)

Some 165 companies and states are battling for a $2.4 billion Obama administration grant aimed at making the US a leader in electric-car batteries, the Wall Street Journal reports. General Motors, Dow Chemical, and General Electric are among the firms vying for the money; states like Michigan, Kentucky, and Massachusetts are on board, hoping to become the center of an industry that promises big things.

Car batteries are currently a $9 billion a year market, but that could soar to $150 billion by 2030, a study finds. And “if you're the place where the batteries are made, there’s an opportunity to spin it into other things as well,” said a Michigan exec. The grant would fund the building of lithium-ion batteries, an industry frontrunner. (Read more lithium ion batteries stories.)

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