Federal energy research program yields billions in follow-on investment
A congressionally requested report from the National Academies of Science found that the Department of Energy's ARPA-E program has generated more than $20 billion in additional funding and over 1,400 patents from its $4 billion investment. Projects receiving ARPA-E grants were significantly more likely to secure patents and private capital than those that were turned down, and about 40% of grants triggered a 'crowding in' effect where other firms pursued similar technologies. The report recommends Congress substantially increase ARPA-E's budget to continue supporting high-risk clean energy innovations.
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