President Obama has announced $1.2b to boost the clean-energy industry in the United States. The amount has been assigned to for different research projects at national labs and to extend a business tax credit to invest in development and research.

While addressing to green-tech researchers and other business people, President Obama said the various efforts in this connection were quite helpful to revitalize the country’s economy and decreased its dependence on foreign oil. The event was attended by more than 120 lab directors, researchers and clean-energy companies’ CEOs.

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