BENTON HARBOR, Mich., Oct. 28. /PRNewswire-FirstCall/ -- Whirlpool Corporation (NYSE: WHR) today announced that it is the recipient of stimulus funds as part of the U.S. Department of Energy's (DOE) Smart Grid Investment Grant program.
The grant of $19.3 million over a two year period - which Whirlpool will match with its own investments - will help the company accelerate its work to deliver to consumers smart appliances that can connect with the smart grid. For example, the company recently announced that in 2011 it would deliver one million U.S. manufactured smart dryers capable of reacting intelligently to signals from the smart grid by modifying their energy consumption to save consumers money on their home electric bills. In markets where utilities offer variable or time-of-use pricing, these dryers could save a typical consumer $20 to $40 per year, while also benefitting the environment.
"The grants announced today are a great example of public and private partnerships that will create the next generation of energy saving solutions," said Mike Todman, president, Whirlpool Corporation North America. "Smart appliances combined with time of use pricing offer consumers the greatest ability to save money on energy costs while benefitting the environment. Whirlpool Corporation continues to leverage its strong U.S. footprint to deliver the innovations that both meet consumers' needs and help to address environmental and energy concerns."
In addition, the funds will complement the company's commitment that by 2015 all of the electronically controlled appliances it produces - everywhere in the world - will be capable of receiving and responding to signals from the smart grid. This commitment is dependent on two important public-private partnerships: the development by the end of 2010 of an open, global standard for transmitting signals to and receiving signals from a home appliance; and appropriate policies that reward consumers, manufacturers and utilities for using and adding these new peak demand reduction capabilities.
About Whirlpool Corporation
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion in 2008, 70,000 employees, and 67 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com.