The U. S. Department of Energy said on Wednesday that U. S. stimulus money for advanced battery and electric vehicle grants has been matched at least dollar for dollar.

The department said on Wednesday night that the economic stimulus money, intended to create jobs and promote investment and consumer spending during the recession, is also projected to increase U. S. production of the world's batteries for hybrid and electric cars to 40 percent by 2015 from 2 percent this year.

The announcement came on the eve of U. S. President Barack Obama's Thursday visit to Holland, Mich., for the groundbreaking of a Compact Power Inc. factory.

A subsidiary of South Korean conglomerate LG Corp., the company received $151 million in federal stimulus money last year to open the plant, which will make lithium-ion cells for plug-in hybrids and employ a projected 450 people by 2013.

According to the Energy Department, the stimulus money was matched more than dollar-for-dollar by the company.

Compact Power lithium-ion batteries will be used in Chevrolet Volt, which General Motors Co. introduced Wednesday and will start selling in select U. S. markets in November.

It was further reported that Compact Power batteries will also be used in new electric versions of the Ford Focus, to be known as the Ford Focus BEV, Ford Motor Co. plans to bring to market next year. (With Inputs from Agencies)