This Tuesday, the Department of Energy disbursed the first federal grants for clean technology in ventures that focus on alternative forms of fuel, the development of high density lithium batteries, and a highly-refined smart electrical grid. The $151 million dollars, managed by the Advanced Research Projects Agency – Energy, will go to 37 different projects to lead researchers in 17 states. So far, it is the largest stimulus award made in a single day from the Obama administration’s $787 billion stimulus package.
The timing of its delivery, in sync with 350.org’s campaign for clean environmental action, is likely strategic on Obama’s part. He announced the funding while spending time in one of the U.S.’s largest solar panel fields in Arcadia, Florida. Of the $151M, $3.4 billion is slated for the development of a smart electric grid.
A smart electric grid will include 18 million “smart meters”, 700 automated substations, and 200,000 smart transformers that will reduce energy consumption by homeowners, prevent rolling black-outs, and facilitate an overall decrease in our electricity use.
For example, Constellation Energy’s Baltimore Gas and Electric (one of the winning companies of the smart grid funds), will install meters where customers can view their electricity use in real time. This allows them to run their appliances only when there is less demand on the grid power and when prices are lower. The concept is progressive, but how much people will take the time to read their energy meters and monitor their use remains to be seen. Inspiring a change in behavior is always the hardest part.
The $151M is has been divvied up to support 43% small business, 35% educational institutions, and 19% large corporations. While these are promising numbers – (Obama expressed hope that this will lead to “green job” creation) – I think everybody knows we have a long road ahead of us. Yet the government money is a way for new sustainable venture capitalists to get a leg up and Social Earth will be paying close attention to what these companies have in the works.
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