Boeing and Duke Energy are among the companies awarded stimulus funds today as part of $4.5 billion set aside for enhancing smart grid technology.
The Department of Energy announced the recipients of $620 million in smart grid grants, which will fund new energy storage and smart grid demonstration projects.
As part of the Recovery Act, each of the 32 projects had to match the federal funding, and because some proposals went beyond dollar-for-dollar, the $620 million will be matched by $1 billion in private funds,
“This funding will be used to show how Smart Grid technologies can be applied to whole systems to promote energy savings for consumers, increase energy efficiency, and foster the growth of renewable energy sources like wind and solar power,” Energy Secretary Steve Chu said in a statement.
The dynamic component for investors is which publicly traded companies won a grant. There are several utility companies but there are two big-name businesses, dealing with some interesting concepts.
- Boeing received more than $8.5 million to display how military-level cybersecurity technology can help protect the smart grid.
- Duke Energy was awarded nearly $22-million to work on storage of wind energy.
If you want more details on the awards, and the companies behind them, you can find them on the DOE's website.
Be sure to get in touch with us: stimulus@cnbc.com