U.S. Department of Energy Announces Seven Hydrogen-Related Projects to Receive More Than $300 Million in 48C Tax Credits
Hydrogen-related projects among 35 projects across 20 states to receive $1.93 billion in tax credits to accelerate clean energy manufacturing and recycling and reduce greenhouse gas emissions at industrial facilities
The U.S. 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:
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ORGANIZATION
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CREDIT
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PROJECT TOPIC
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LOCATION
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Cummins Inc.
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$10.6M
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Industrial Decarbonization
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Fridley, Minnesota
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Electric Hydrogen Co.
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$18.3M
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Industrial Decarbonization
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Devens, Massachusetts
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John Cockerill Hydrogen North America
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$34.1M
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Industrial Decarbonization
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Baytown, Texas
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Nel Hydrogen
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$41M
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Industrial Decarbonization
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Plymouth Township, Michigan
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Topsoe SOEC Production US Inc.
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$136M
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Industrial Decarbonization
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Chester, Virginia
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Ballard Power Systems
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$54M
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Clean Energy and Clean Vehicle Manufacturing
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Rockwall, Texas
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Nuvera Fuel Cells
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$14.1M
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Clean Energy and Clean Vehicle Manufacturing
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Billerica, Massachusetts
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The 48C credit is a tax credit funded by the White House's Investing in America agenda 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.
See the full list of projects.
The projects receiving this tax credit address critical needs across the clean energy economy, including grid components (e.g., transformers), electric vehicle components and chargers, solar components, clean steel, critical materials processing and recycling, and other clean energy products. Multiple projects are located in traditional energy communities, which include communities with closed coal mines or coal plants—advancing the White House's commitment to invest in the communities that have kept America's economy powered for generations.
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