The Obama administration is playing the role of a cleantech venture capitalist, according to a Bloomberg Businessweek story.
By the end of next year roughly $50 billion will have been dispersed to cleantech companies via tax credits, loan guarantees and grants. And that doesn’t include several billion dollars in funding for smart grid projects and consumer tax breaks for early adopters of electric vehicles.
In fact, the support of the electric car industry is the biggest gamble the White House is making, according to the report. The federal government is spending roughly $5 billion in an effort to create a domestic industry for electric vehicles. Much of this spending is focused on incentivizing the domestic production of batteries, which are the most expensive and complex component of electric vehicles.
But economists and academics dispute whether or not the government can or will be successful in this endeavor.
Read the full story at the link below.
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