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US Department of Energy Secretary, Ernest Moniz has announced more than US$58m in funding for vehicle technology advancements.

The Cabinet member has also released a report highlighting the DOE’s Advanced Technology Vehicles Manufacturing (ATVM) loan programme.

Secretary Moniz unveiled a US$55m funding opportunity for vehicle technologies such as energy storage, electric drive systems, materials, fuels and lubricants and advanced combustion.

Two projects at CALSTART (clean transport initiative) and the National Association of Regional Councils, will also receive US$3m to develop systems helping companies combine purchasing of advanced vehicles, components and infrastructure to reduce incremental cost and achieve economies of scale.

“Our work refining cars that are efficient, affordable and can plug into the grid will also help propel us to even greater progress on reducing pollution and boosting energy security,” said Moniz.

“These investments in next-generation vehicle technologies are a clear example of the impact innovation can have on industry and consumers.”

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By GlobalData