Apollo Energy Fact Sheet

Clean and renewable energy technologies are the next wave of new industries that will create millions of new jobs. Whether that will be here in the U.S. or somewhere else is not yet determined. Currently however, the United States is letting other countries take the lead in the development and manufacturing of clean energy technologies. Germany, Denmark, and Japan have already invested heavily in this market and are starting to see the returns. By contrast, our approach has been lackadaisical and rooted in the past. The Size of the Market:

• Worldwide, the renewable energy market is already experiencing double-digit growth. Wind power, for example, has averaged 32% growth per year for the past five years, attracting more than $7 billion in investments in 2002 alone.
• Europe anticipates generating as much as 20% of its power by wind by 2010.

Our response to date:

• Even though we have lost more than 2.5 million manufacturing jobs since 2001, President Bush and Congressional leaders are ignoring the potential of the alternative fuel market and are pushing an energy bill that does not emphasize renewable energy technology.

The New Apollo Energy Project:

• The New Apollo Energy Project will provide investment tax credits for retooling domestic automotive and aerospace plants for the manufacturing of fuel efficient and alternative fueled vehicles and commercial airplanes.
• The New Apollo Energy Project will establish production tax credits and investment tax credits for capital investments into domestic plants that manufacture qualifying renewable energy related products or energy efficient products such as fuel efficient vehicles, alternative fueled vehicles, highly efficient appliances, and solar and wind energy components and systems.
• The New Apollo Energy Project will provide investment tax credits for construction of new electricity transmission lines to reach renewable energy-rich areas.
• The New Apollo Energy Project will establish consumer tax credits for clean energy products.
• The New Apollo Energy Project will provide low interest loans and grants to assist in commercializing qualified higher-risk technologies to help small businesses.
• The New Apollo Energy Project will launch a clean energy technology export program.

The Dividends of Acting Now:
This great new program will combine tax incentives, federal research and development, and leverage federal buying power to drive the United States' into the forefront of the clean energy industry. Investing in this promising new industry now will pay significant dividends such as:

• It will create 3 million high-wage American jobs, principally in the areas of research, technology & manufacturing
• Just as investments in the space program required the creation of new industries and new products -- to smoke detectors, to satellites and cell phones -- investing in energy independence will create an economic engine that will create many more downstream jobs.
• It will provide for lower long-term utility costs
• It will provide for cleaner air and water, and improved public health
• It will dramatically reduce our reliance on foreign sources of oil