At a recent speech in Detroit - a kind of pep rally for the city and its car industry – Energy Secretary Dr. Steven Chu had some good news about the cost of the batteries that power electric vehicles. In addition to making inroads on new kinds of battery technology, he talked about the likely decreases in battery prices that will make EV’s more affordable for the average consumer:
Some of the money for the federal stimulus during the recent recession went to setting up battery manufacturing plants and funding research that would allow domestic battery makers to better compete on the world stage while churning out new technologies. It looks the the first signs of return on that investment may be around the corner.While a typical battery for a plug-in hybrid electric vehicle with a 40-mile electric range cost $12,000 in 2008, we’re on track to demonstrate technology by 2015 that would reduce the cost to $3,600. And last year, we set a goal of demonstrating technology by 2020 that would further reduce the cost to $1,500 – an accomplishment that could help spur the mass-market adoption of electric vehicles.
In addition to talking about the future cost of batteries, the building of an Energy Innovation Hub was announced. “Modeled after America’s great industrial labs in their heyday, [the hubs] will bring together scientists, engineers, and industry to develop fresh concepts and new approaches to making batteries that last longer, go farther, and cost less.”
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