President Obama on Thursday announced the launch of two Department of Energy programs that will provide up to $2.4 billion in funds for companies that develop technologies supporting for electric vehicles.

The grants, which will match private investment, will be given to American electric battery and drive component manufacturers or plug-in electric vehicles. Obama has set a goal of one million PHEVs on the road by 2015.

Demonstration projects for infrastructure such as adding intelligence to the grid and charging stations, were allocated up to $400 million.

The funding was established under the American Recovery and Reinvestment Act signed early this year. Obama was touring the Edison Electric Vehicle Technical Center in Pomona, California when he made the announcement.