More than 500 applications were received with tax credit requests totaling over $8 billion. As part of an innovative partnership between the Departments of Treasury and Energy, the two cabinet agencies worked together to develop, launch, and award the funds for this program in record time. The Advanced Energy Manufacturing Tax Credit authorized Treasury to provide developers with an investment tax credit of 30% for facilities that manufacture particular types of energy equipment. Qualifying manufacturers will produce solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids to support the transmission of renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.
Expanded Support for 48C Tax Credits to Accelerate Manufacturing Job Creation:
Because the 48C program generated far more interest than anticipated, DOE and Treasury have a substantial backlog of technically acceptable applications, and the Administration has called on Congress to provide an additional $5 billion to expand the program.
NYS recipients included:
- GEMX Technologies LLC of Schenectady, NY was awarded $25,500,000 to re-equip an existing manufacturing facility. The facility will produce sodium metal halide batteries for various markets, including electricity grid support and regulation services to help support renewable energy penetration levels, enable remote power systems based on renewable energy sources, and help increase efficiency by reduced peak power demands.
- Ener-G-Rotors of Schenectady, NY was awarded $834,000 to install manufacturing capacity to build systems that turn low temperature heat from industrial processes, from 180F to 240F, into 50kW of electricity.
- Ice Energy of Hammondsport, NY was awarded $1,508,973 to expand a facility to design and manufacture energy storage modules for use with direct expansion air conditioners commonly found in commercial and small industrial applications. When deployed, the asset enables the storage of electricity from renewable energy resources in the form of ice.
- Ramgen Power Systems, LLC of Orlean, NY was awarded $4,767,438 to produce a CO2 compressor capable of converting coal plant CO2 into a supercritical fluid that can be sequestered. The result is projected to be more efficient and cost-effective for Carbon Capture and Storage.
- Stirling Energy Systems, Inc of
