power move
DOE grants $13.7M tax credit to power Houston clean hydrogen project
Permascand USA Inc., a subsidiary of Swedish manufacturing company Permascand, has been awarded a $13.7 million tax credit by the U.S. Department of Energy (DOE) to expand across the country, including a new clean hydrogen manufacturing facility in Houston.
The new Houston facility will manufacture high-performance electrodes from new and recycled materials.
"We are proud to receive the support of the U.S. Department of Energy within their objective for clean energy," Permascand CEO Fredrik Herlitz said in a news release. "Our mission is to provide electrochemical solutions for the global green transition … This proposed project leverages Permascand’s experience in advanced technologies and machinery and will employ a highly skilled workforce to support DOE’s initiative in lowering the levelized cost of hydrogen.”
The funding comes from the DOE’s Qualifying Advanced Energy Project Credit program, which focuses on clean energy manufacturing, recycling, industrial decarbonization and critical materials projects.
The Permascand proposal was one of 140 projects selected by the DOE with over 800 concept papers submitted last summer. The funding is part of $6 billion in tax credits in the second round of the Qualifying Advanced Energy Project Credit program that was deployed in January.
So far credits have been granted to approximately 250 projects across more than 40 states, with project investments over $44 billion dollars, according to the Department of Treasury. Read more here.- DOE deploys more than $10M into Houston-related carbon capture projects ›
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