Energy Firms Aided by U.S. Find Backers

By MATTHEW L. WALD
NYT

WASHINGTON — In late 2009, the federal government gave $151 million in grants to advance 37 clean energy ideas deemed too radical or too preliminary to attract much private financing — like electricity storage that mimics photosynthesis and batteries that double or triple the energy stored per pound.

Since then, six of the projects have made enough progress to attract $108 million in private venture capital financing — about four private dollars for every dollar that the taxpayers spent to get them rolling — the Department of Energy plans to announce Thursday.

While none of the projects are expected to produce commercial products for years to come, the Obama administration is emphasizing the early signs of success as it seeks to persuade a sometimes skeptical Congress to approve more money for clean energy innovation.

Success is probably 10 to 20 years away, said Arun Mujamdar, director of the program, which is called the Advanced Research Projects Agency-Energy.

(More here.)