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Publish Date : 03-Dec-2012

The Obama administration launched a fresh US$120-million research project Friday, aimed at developing cheaper batteries for electric vehicles, a sector that has faltered despite billions of dollars of prior government investment.

The Energy Department will dole out the money over five years to establish a research hub for batteries and energy storage, backed by five national laboratories, five Midwestern universities and four private firms.

The four companies joining the project are Dow Chemical Co , Applied Materials Inc, Johnson Controls Inc and Clean Energy Trust.

During the Obama administration\'s first term, jump-starting advanced battery manufacturing was a major national initiative, which saw the Energy Department plow US$2 billion of grants into 29 battery makers to build or update plants.

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