By Siobhan Hughes
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The U.S. Energy Department on Monday announced $151 million in grants for high-risk projects in the hopes of creating technological breakthroughs, the first awarded under a new program modeled on one run by the Defense Department.
The biggest grant--almost $9.2 million--was awarded to Foro Energy Inc. for the development of new geothermal drilling technology that aims to open access to the geothermal energy in deep, hard basement rock. The next-biggest, at $9 million, went to DuPont (DD) for the production of a biofuel derived from seaweed.
For every hundred organizations that applied for the grants, 99 were rejected. The Energy Department said it received 3,600 initial applications. A total of 37 grants were awarded.
The Energy Department said that the Advanced Research Projects Agency-Energy is modeled on the Defense Advanced Research Projects Agency.
In battery technology, the DOE awarded $6.9 million for the development of an all-liquid battery that could enable continuous power from renewable-energy sources, such as wind and solar power. The technology, created by Massachusetts Institute of Technology President Don Sadoway, is viewed by the Energy Department as holding the potential to break through the cost barrier required for mass adoption of large-scale battery storage in the electric grid.
To see a list of grant recipients, click here: http://www.energy.gov/news2009/documents2009/ARPA-E_Project_Selections.pdf
-By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; Siobhan.Hughes@dowjones.com