Industrials

US Energy Department Invests in Some Big Names (GM, WFR, DOW, LYB, APD, DLPH, TDY)

On Tuesday the US Department of Energy announced awards to 13 projects totaling more than $54 million. According to the press release:

[The projects seek] to advance transformational technologies and materials that can help American manufacturers dramatically increase the energy efficiency of their operations and reduce costs. These projects will develop cutting-edge manufacturing tools, techniques, and processes that will be able to save companies money by reducing the energy needed to power their facilities.

Among the recipients of the $54 millionare General Motors Co. (NYSE: GM) with $2.67 million; MEMC Electronic Materials Inc. (NYSE: WFR) with $3.68 million; The Dow Chemical Co. (NYSE: DOW) with $9 million; LyondellBasell Industries (NYSE: LYB) with $4.5 million; Air Products and Chemicals Inc. (NYSE: APD) with $1.2 million; Delphi Automotive PLC (NYSE: DLPH) with $3.7 million; and a unit of Teledyne Technologies Inc. (NYSE: TDY) with $2.11 million. That’s a total of $25.86 million to 6 companies with a total market cap of around $122 billion. The rest of the federal money went to small companies and research institutes and universities.

This is no Solyndra deal, which cost US taxpayers $500 million, but somehow it seems that the publicly traded companies that received these grants just got a little gift from their Uncle Sammy.

A complete list of the projects is available here.

Paul Ausick

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