The U.S. Energy Secretary, Steven Chu, has announced that more than $175 million will go toward developing future technologies for vehicles over the next three to five years.

The funding will support 40 projects across 15 states and will help improve the fuel efficiency of next generation vehicles.

The projects will target new innovations throughout the vehicle industry, including better fuels, longer-lasting and cheaper electric vehicle batteries and components and more efficient engine technologies.

Last month, President Obama announced fuel efficiency standards for cars and light trucks, which will bring efficiency to 54.5 miles per gallon by 2025. Such goals could save American families $1.7 trillion at the pump and reduce oil consumption by 12 billion barrels by 2025.