Ballard Power Systems has been awarded $54m of investment tax credits which will be used to support its planned fuel cell gigafactory.
Funded via the US Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C), through the Inflation Reduction Act (IRA), the facility based in Rockwall, Texas, is expected to reach a final investment decision (FID) later this year.
The 48C programme provides 30% investment tax credits for selected clean energy manufacturing projects and advance clean energy supply chains. Ballard also received $40m in US funding for the project from the Department of Energy (DOE) last month (March), bringing its total investment so far to $94m.
Read more:Ballard utilises US funding to support the development of 3GW fuel cell gigafactory
