U.S. Energy Agency Cuts Funds for Six Advanced-Research Projects
The U.S. Energy Department’s advanced-research agency for new technologies terminated support for six projects in the past year for failing to meet performance milestones, the head of the agency said.
The projects were discontinued “for a variety of reasons,” Arun Majumdar, director of the Advanced Research Projects Agency-Energy, told reporters today. The department declined to disclose the projects or how much the government has spent, citing a need to avoid adverse publicity for the companies, he said.
President Barack Obama’s administration requested $350 million for ARPA-E for fiscal year 2013, up from $275 million last year. The program invests in projects that may be too risky to win backing from private lenders.
To contact the reporter on this story: Brian Wingfield in Washington at bwingfield3@bloomberg.net
To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net
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