It’s a paltry amount by Department of Energy standards — just about ten percent of Solyndra — but I’m positive we can kiss it goodbye:
The Department of Energy announced the distribution of $43 million in funding for the development of energy storage technology that is “too risky for private-sector investment.”
The Aug. 2 press release said the recipients were chosen through two programs of DOE’s Advanced Research Projects Agency-Energy – the Advanced Management and Protection of Energy Storage Devices (AMPED) and Small Business Innovation Research (STTR).
“ARPA-E was launched in 2009 to seek out transformational, breakthrough technologies that are too risky for private-sector investment but have the potential to translate science into quantum leaps in energy technology, form the foundation for entirely new industries, and have large commercial impacts,” the press release said.
It states that AMPED and STTR funds projects that “focus on innovations in battery management and storage to advance electric vehicle technologies, help improve the efficiency and reliability of the electrical grid and provide important energy security benefits to America’s armed forces.”
DOE Secretary Steven Chu said the work of the 19 fund recipients could “revolutionize” the way Americans use and store energy.
I’m guessing the only thing this is going to “revolutionize” is the net worth of even more Obama cronies. And I love how they keep dumping tens of millions of dollars into battery research for electric cars hardly anybody is buying. In actuality, this isn’t “too risky” to attract private sector investors — it’s too stupid to attract private sector investors.
But there’s nothing too risky or stupid for taxpayer “investment.”
(h/t Weasel Zippers)