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EH2 secures USD 65m in DoE support in less than a month
Source: https://renewablesnow.com/news/eh2-secures-usd-65m-in-doe-support-in-less-than-a-month-853855
Electrolyser manufacturer Electric Hydrogen Co (EH2) announced today a new serving of financial backing from the US Department of Energy (DoE) that brings the total support to almost USD 65 million (EUR 59.8m).
The company said it was awarded a USD 18.3 million transferable tax credit by DoE, the Department of Treasury, and the Internal Revenue Service (IRS) under the Qualifying Advanced Energy Project Tax Credit (48C) programme. In total, the US government announced the selection of more than 100 clean energy manufacturing projects across 35 states to receive USD 4 billion in tax credits under that same initiative.
Earlier in March, EH2 also got a USD-46.3-million DoE grant under the Bipartisan Infrastructure Law’s Clean Electrolysis Program for the company’s rapid technology advancements in electrolyser manufacturing.
On Thursday, EH2 said it will use the new funds for electrolyser production at its gigafactory in Devens, Massachusetts. The company offers a fully-integrated PEM electrolyser plant of 100 MW that includes all system components required to turn water and electricity into green hydrogen. EH2 expects to ship the first electrolyser stacks from its gigafactory later in 2024 to customer-sited project in southeast Texas.
The company said it was awarded a USD 18.3 million transferable tax credit by DoE, the Department of Treasury, and the Internal Revenue Service (IRS) under the Qualifying Advanced Energy Project Tax Credit (48C) programme. In total, the US government announced the selection of more than 100 clean energy manufacturing projects across 35 states to receive USD 4 billion in tax credits under that same initiative.
Earlier in March, EH2 also got a USD-46.3-million DoE grant under the Bipartisan Infrastructure Law’s Clean Electrolysis Program for the company’s rapid technology advancements in electrolyser manufacturing.
On Thursday, EH2 said it will use the new funds for electrolyser production at its gigafactory in Devens, Massachusetts. The company offers a fully-integrated PEM electrolyser plant of 100 MW that includes all system components required to turn water and electricity into green hydrogen. EH2 expects to ship the first electrolyser stacks from its gigafactory later in 2024 to customer-sited project in southeast Texas.