WASHINGTON – Speaking at the National Clean Energy Summit 4.0 recently in Las Vegas, Vice President Joe Biden announced another promising milestone for the Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E): Five innovative companies that received seed funding from ARPA-E in 2009 and 2010 have now attracted more than $100 million in outside private capital investment. The private sector financing reflects the progress these companies have made over the past two years toward developing new technologies that could transform the way Americans use and produce energy.
Biden’s announcement covers five companies that received between $1.5 million and $6 million each from ARPA-E to develop advanced grid scale batteries or innovative new approaches to biofuels or waste heat recovery. he White House also released a report on the United States’ position in the global clean energy race.
These five companies are swinging for the fences, pioneering new technologies that could help answer the energy challenge and create jobs. They illustrate how a small but strategic investment by the federal government can pay big dividends down the road and bring into the market groundbreaking new technologies.”