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Business News/ News / Siemens Energy Among Recipients of $2 Billion Green Tax Credits
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Siemens Energy Among Recipients of $2 Billion Green Tax Credits

Renewable energy company Siemens Energy Inc. and Danish electrolyzer manufacturer Topsoe A/S are among dozens of recipients of around $2 billion in clean energy tax credits set to be announced Friday by the Biden administration.

Siemens Energy Among Recipients of $2 Billion Green Tax CreditsPremium
Siemens Energy Among Recipients of $2 Billion Green Tax Credits

(Bloomberg) -- Renewable energy company Siemens Energy Inc. and Danish electrolyzer manufacturer Topsoe A/S are among dozens of recipients of around $2 billion in clean energy tax credits set to be announced Friday by the Biden administration. 

The awards are being rolled out by the Department of Energy, according to people familiar with the matter, who asked not be identified because the details haven’t yet been made public. They’re part of a tax credit program for clean energy manufacturers that got a $10 billion boost through President Joe Biden’s signature climate law, the Inflation Reduction Act. 

EARLIER: Biden Restarts $10 Billion Tax Credit for Clean Energy Makers

Topsoe is expected to receive an award of as much as $136 million through the program for use in the construction of a $400 million green hydrogen electrolyzer plant in Chesterfield, Virginia, one of the people said. 

Energy Secretary Jennifer Granholm is poised to roll out the awards on alongside North Carolina Governor Roy Cooper when they both visit a Siemens facility in Raleigh, North Carolina. The company is in the midst of expanding a plant in Charlotte, North Carolina, to make large power transformers.

The Energy Department didn’t immediately respond to a request for comment. The department announced last month it was awarding a total of $4 billion in credits for over 100 projects, but didn’t disclose the recipients for tax privacy reasons. The companies set to be highlighted in Friday’s announcement agreed to being publicly named.

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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Published: 19 Apr 2024, 12:37 AM IST
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