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Technology Stocks : Energy Conversion Devices -- Ignore unavailable to you. Want to Upgrade?

To: Futurist who wrote (3021)	1/21/1999 1:57:00 AM
From: Krowbar	Read Replies (1) \| Respond to of 8393

WASHINGTON (Dow Jones)--The U.S. Energy Department said Tuesday it's granting $20 million to two companies for research and development of electrically powered vehicles. The companies plan to develop electric power modules that will manage the generation, storage and use of electrical power in hybrid gas-electric, diesel-electric and fuel cell vehicles. "These power systems have steadily improved from the size of a large suitcase to less than half the size of a shoe box, and, under this initiative, we plan to reduce the $10,000 cost to less than $500," said Energy Secretary Bill Richardson. Silicon Power Corp. of Malvern, Pa., and SatCon Technology Corp. (SATC) of Cambridge , Mass., were selected to receive $10 million each for the program and will match government funding with an additional $10 million. Each company will provide prototype modules within 15 months and a final prototype within 36 months.