– DOE, DOT, and IRS are operating a funding scheme for clean energy projects
– Majority of funding going towards clean energy manufacturing and recycling projects
– $800 million allocated for critical minerals recycling and $500 million for industrial decarbonisation projects
The Department of Energy (DOE), Department of Treasury (DOT) and Internal Revenue Service (IRS) are operating a scheme funding “clean energy manufacturing and recycling” projects. The first round of funding has been allocated, with the DOT planning to issue a notice for a second round in the near future. Specific technologies benefiting from the funding include clean hydrogen fuel cells, energy storage, grid infrastructure, and electric vehicles.
A significant portion of the funding, US$800 million, will support the recycling, processing, and refining of critical minerals. Another US$500 million has been earmarked for industrial decarbonization projects. The DOE received 250 applications, totaling US$13.5 billion in tax credits, with individual requests ranging from US$1-100 million.
For more information, the full story can be found on PV Tech’s website.