Ready for the future? Obama hands out $2.4 billion for electric and hybrid cars

Posted Aug 6th 2009 1:30PM by Connie Madon
Filed under: Products and Services, Launches, Industry, Entrepreneurs

Look at what the computer did for communication. We are now is the midst of a revolution in technology.

Now innovation moves to the auto industry. Electric and hybrid cars have the potential to take us off the "oil standard," at least in a major way. Imagine the money you would save if you were not held hostage to the oil cartel.

President Obama has granted $2.4 billion for research in the development of electric/hybrid cars. There will be 48 different projects in more than 20 states as part of the American Recovery Act.

Johnson Controls Inc. (NYSE: JCI) and A123 will get $550 million for high-tech battery development. The big three will get $400 million. Compact Power and Dow Kokam, a joint project between Dow Chemical (NYSE: DOW) and Korean battery maker Kokam, will get $300 million. This joint venture will employ 800 and start making lithium batteries next year.

Now change is always iffy. There will always be naysayers who say it won't work and the money is being wasted. There will always be the lobbyists who oppose it. Do you remember that when the auto was first introduced, many people said that it wouldn't beat the horse, and races between cars and horses had to prove that the auto was faster.

There is an old adage: "If you never try, nothing gets better." Let's give these guys a chance to prove their stuff.

Do you believe that electric/hybrid cars are the wave of the future?

Tags: A123, American Recovery Act, DOW, Dow Kokam, electric cars, hybrid cars, inthenews, JCI, Johnson Controls, Kokam, Obama