Electric car project fielded with funding by the Californian Energy Commission

A considerable $108 million fund has been approved by the Californian Energy Commission yesterday. The investment plan is meant to put the development of electric cars and all peripheral technologies in the fast track. Alternative fuelling technologies will also sustain a facelift from the fund.

The state’s increasingly ambitious climate targets are expected to be met, as new technologies and renewable energy options make their way through the industry. The program that will require roughly $100 million annually in order to take full effect is still in dire need of a cohesive investment plan and a set list of financial priorities.

As the Californian electric car market rises in the green energy ranks, over 30,000 vehicles will be delivered to the state from several automotive companies in the next year.

The total sales of electric vehicles powered by a plug-in source for the state have been estimated to potentially soar up to more than 450,000 units. A more modest and much more likely prediction is that about 250,000 units will be sold by the year 2015.

Other products in the field, such as hydrogen-powered cars will probably reap some of the benefits of the electric boom, albeit not quite as expansively.

Previous funds set up for similar causes have ensured a steady workforce trained in the field across the forward-looking state, and with more programs and training workshops in the works, California is planning on fully exploring the electric vehicle market.

Hundreds of millions of dollars have also been allotted from governmental and private investors towards building more than 4,000 charging sites for the green cars, as well as research better, and more efficient battery options.

The fund’s secondary objective is to at once lower investment risk factors, and stimulate more money to be invested in the emerging niche.

Natural gas vehicles will also be covered in the alternative energy-minded plan that will oversee the holdings of extensive bio-methane plant tests.

The fund and all of its financial backings will be used for research and execution strictly according to the proper bylaws that allow such spending of governmental money.