Tesla gets funding for an awesome Li-ion car

This is a company that produces an electric supercar. It's a plug-in, not a hybrid and can go 0-60 in about 3.9 seconds. This is a $100K car we're talking about here.

It uses a large Lithium ion battery, the same technology that Boston Power wants to manufacture here in town.

Anyway yesterday they got a nice loan under the stimulus package to continue and expand their work, for a more modest car called the S. Programs like this can use federal funding as many times the technology isn't going to provide a return quick enough or is considered too risky for private money.

"We have a historic opportunity to help ensure that the next generation of fuel-efficient cars and trucks are made in America," the president said in a statement. "These loans -- and the additional support we will provide through the Section 136 programs -- will create good jobs and help the auto industry to meet and even exceed the tough fuel-economy standards we've set while helping retain our competitive edge in the world market."

on the road by the end of 2011.

"We are honored to receive one of the first loan awards in this program," company CEO Elon Musk said. "I'm confident we'll put the money to very productive use. We look forward to producing the Model S."

Tesla has long been counting on the loan to help it build the sedan it unveiled in March and had been in discussions with the agency for about nine months. It had sought $350 million to retool a factory to build the car and $100 million to manufacture battery packs and drivetrain components. Those packs and components will be used in vehicles built by Tesla and other automakers  most notably Daimler, which recently bought nearly 10 percent of Tesla to jump-start development of the Smart EV.

Some of the other front runners - got this tweet from CR

consumerreports Green carmakers may emerge as next U.S. car industry http://tinyurl.com/ms6u3d

The program is not the same as the grant that Boston Power wants to get, I believe that one is here

But it's just a reminder that good things are happening in this technological area, that will extend to things like the power plant (the batteries) and hopefully we'll in this geographic area be one of the beneficiaries of it, so long as the town handles things properly.