In the race for the best green auto technology, Detroit is a slightly late entrant. But from battery innovation to re-training workers, the Motor City is going to give green a go.
Trading as AONE, batterymaker A123 was a big first-day hit with investors.
Program draws on $705 million set aside in an economic stimulus package earlier this year but leaves many financing details up to the next government.
Car companies received more than $600 million on Wednesday to further development of batteries for hybrids and electric cars.
Surging demand for cars in rapidly growing nations will mean a robust car industry in 20 years. The US will have a piece of it – though smaller than today – and the models it turns out will be much greener as the iconic industry reinvents itself.
The race for better batteries has spurred venture capitalists.
By 2016, a new car will pollute less and get more than 35 miles per gallon, but its sticker price will be at least $600 higher.