Advanced Research Projects Energy Act (ARPA-E) Act - Instructs the Secretary of Energy to establish in the Department of Energy the position of Assistant Secretary for Advanced Energy Research, Technology Development, and Deployment to: (1) implement an innovative energy research, technology development, and deployment program; and (2) sponsor a diverse portfolio of cutting-edge, high-payoff research, development, and deployment projects to carry it out.
Authorizes the Assistant Secretary to award cash prizes in recognition of outstanding achievements in basic, advanced, and applied research, technology development, and prototype development.