Companies working with Ford Motor Co (F.N), Chrysler Group and General Motors Corp [GM.UL] received more than $600 million on Wednesday to further development of batteries for hybrids and electric cars.

The awards were part of $2.4 billion in grants being announced by the Obama administration as part of its "green" economy vision and efforts to enhance U.S. energy independence.

Hyundai Motor Group, the world's No.5 automaker, said on Wednesday it would invest $3.3 billion in green projects to meet the government's stricter fuel efficiency and emission requirements, joining a recent series of eco-friendly investments by South Korean firms.

Global investment in clean energy and climate-friendly technologies leapt in the last three months but full-year levels won't recover until 2010 or 2011, analysts said on Wednesday.

Falling energy demand and more expensive debt have hurt large renewable projects for example in wind and solar power. Recession has cut risk appetite, curbing funding for clean technology start-ups.

General Electric Co plans to invest $100 million in a factory to build high-tech batteries for heavy equipment, which it believes could be a $1 billion business over the next decade.

Pages