Seven hydrogen-related projects to receive more than $300M in 48C tax credits
10 May 2024
The US Department of Energy (DOE) recently announced details for 35 projects across 20 states that received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). This information was voluntarily shared with DOE by the recipients of the tax credits, including the following seven hydrogen-related projects, which span five states and received more than $300 million in credit allocations:
| ORGANIZATION | CREDIT | PROJECT TOPIC |
| Cummins Inc. | $10.6M | Industrial Decarbonization |
| Electric Hydrogen Co. | $18.3M | Industrial Decarbonization |
| John Cockerill Hydrogen North America | $34.1M | Industrial Decarbonization |
| Nel Hydrogen | $41M | Industrial Decarbonization |
| Topsoe SOEC Production US Inc. | $136M | Industrial Decarbonization |
| Ballard Power Systems | $54M | Clean Energy and Clean Vehicle Manufacturing |
| Nuvera Fuel Cells | $14.1M | Clean Energy and Clean Vehicle Manufacturing |
p>The 48C credit is a tax credit funded through the Inflation Reduction Act, aimed at accelerating clean energy manufacturing and recycling and reducing greenhouse gas emissions at industrial facilities. It is an investment tax credit, which provides credits for up to 30% of qualified investments, provided they meet prevailing wage and apprenticeship requirements.
More renewable energy means a more secure future
Posted by: SJC | 10 May 2024 at 08:57 AM