The Volvo Group has received a three-year grant worth a total of $18 million from the U.S. Department of Energy (DoE) and the Swedish Energy Agency for the development of hybrid technologies and alternative fuels, the company announced.
Both DoE and the Swedish Energy Agency will invest $9 million during the three years, in addition to the $18 million Volvo has already pledged towards research and development of green technologies.
"The climate issue and increasing fuel prices make energy use and energy efficiency some of the most important societal issues of our time,” said Leif Johansson, CEO of the Volvo Group. “The transportation industry has a special responsibility and this research and development co-operation with the U.S. government is crucial in our efforts to develop the drivetrains and technology required by both our customers and society as a whole.”
