The $787 Billion American Recovery and Reinvestment Act will pump millions into startups and established companies toiling in alternative energy and efficiency. And while most recipients are from the U.S. a significant portion will go to joint ventures partly owned or controlled by foreign corporations or to U.S. subsidiaries.
First, let me explain: I am not jingoistic. I have never owned an American car and there's a good chance I never will. All of my grandparents came from overseas. I've been told that "my kind" are taking away jobs from decent Americans by drunken, unemployed morons, and would actually favor legislation that would revoke citizenship of anyone that – after their family has spent five generations in this country – can only manage to get a C- average at junior college and wears a baseball hat backward. Up or out, I say.
But it's still interesting to see what nations are doing well, so I'm starting to keep a scorecard. If you have some to add, please send me a note. Here's what I've got so far:
South Korea: $312.4 million went to joint ventures with South Korean partners under the $2.4 billion in grants to electrify cars. $161 million went to Dow Kokam, a joint venture between Dow Chemical and Kokam America, the U.S. subsidiary of a South Korean conglomerate. Meanwhile, $151.4 million went to Compact Power, the battery venture backed by LG Chem that will make the batteries for the Chevy Volt.
Spain: Iberdrola participates in projects that received $294 million of $500 million worth of renewable energy grants awarded yesterday.
France: Where modern solar technology was born. Saft America landed a $95.5 million grant to develop lithium-cobalt and lithium-iron phospate batteries. Saft comes out of the Saft Group in France. Expect to see French nuclear companies like Areva to participate in upcoming nuclear plants: much of the world's expertise comes from there.
Japan: These weren't direct grants, but Japanese car makers Toyota and Honda had five cars in the top ten list of most popular cars to buy with Cash-for-Clunkers grants. Toda America, meanwhile, got $35 million in battery grants.
Germany: Chemetall got $28.4 million in battery grants while BASF got $24 million.
Canada: Canadians. Hardworking ... but sneaky! The U.S. division of Zenn Motors will seek out a grant to build a factory in Michigan.
