Establishes the Advanced Research Projects Agency-Energy (ARPA-E) within the Department of Energy to reduce the amount of energy the United States imports from foreign sources by 20% over the next 10 years.
Establishes the Energy Independence Acceleration Fund, administered by the ARPA-E Director for the award of competitive grants, cooperative agreements, or contracts to institutions of higher education, companies, or consortia, including federally funded research and development centers, to achieve specified goals through targeted acceleration of: (1) energy-related research; (2) development of resultant techniques, processes, and technologies, and related testing and evaluation; and (3) demonstration and commercial application of the most promising technologies and research applications.
Directs the Secretary to establish procedures and criteria for recoupment of the federal share of each project supported under this Act.
Requires the President's Committee on Science and Technology to evaluate for Congress and the public how well ARPA-E is achieving its goals and mission.