Exide Technologies has been awarded a $30.7 million cost-sharing U.S. Defense Department grant for battery system enhancements, the company announced Tuesday.
The five-year grant was awarded as part of the Defense Production Act Title III program, Exide said in a statement.
The Title III investment agreement is dedicated to improving the company's production of storage batteries at its Arkansas facility.
It seeks to automate and improve battery production processes, including enhancements to quality control, automated data collection, new equipment and improved process flow, Exide said.
The initiative, known as Project Neptune, will provide technological enhancements for battery systems on the U.S. Navy's nuclear submarines that will also benefit Exide's commercial clients, the company said.
Exide produces flooded and valve-regulated lead-acid batteries that are used as the main storage emergency AC/DC power backup on nuclear submarines.
Project Neptune begins this month and is expected to be completed by August 2021.
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