Steven Chu Posts

Department Of Energy Launches A $120 Million Battery Research Program

The U.S. Department of Energy wants to drastically improve battery technology in the next 5 years.  Department of Energy Secretary Steven Chu conducted an interview with Computerworld with the goal to produce batteries that are five times more powerful than current technology with a fifth of the overall cost.

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Fisker Automotive Receives $528.7 Million Loan From Department of Energy

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Fisker Automotive Inc. is a U.S. based start-up company that is going to sell hybrid vehicles. The company recently secured a $528.7 million loan from the U.S. Department of Energy. The funds will be used to fund production of their low emission cars.

“Plug-in hybrid electric vehicles could revolutionize personal transportation and cut our dependence on foreign oil, not to mention give us cleaner air and less carbon pollution,” stated Energy Secretary Steven Chu. Tesla Motors recently received $465 million in Energy Department loans this past June.

Fisker Automotive will use $169.3 million to finish the development and production of the Karma, a $87,900 plug-in hybrid sedan. The rest of the funds will be used to build the next-generation vehicle called Project Nina.

By 2012, Fisker plans to sell 75,000-100,000 cars per year. Fisker has an engineering office in Pontiac, Michigan. “This conditional loan represents a significant step in America’s future,” stated Fisker CEO Henrik Fisker, “help restore the U.S. as an auto industry leader.”