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DOE Opens 48C Portal for $6 Billion in Tax Credits to Boost Clean Energy Projects by June 2024.

The US Department of Energy’s (DOE) 48C Portal is opening for concept paper submission regarding up to USD 6 billion in Round 2 tax credit allocations under the expanded Qualifying Advanced Energy Project Credit Allocation Program (48C(e), or the expanded program. This first step in the application process will run until June 21, 2024, with about USD 2.5 billion set aside for projects in designated 48C energy communities. The 48C programme, established in 2009, provides incentives for clean energy manufacturing and recycling, industrial decarbonisation, and critical materials processing, refining, and recycling. The Inflation Reduction Act (IRA) of 2022 unlocked USD 10 billion in new funding for the expanded programme. So far, Norwegian hydrogen solutions provider Nel ASA has received up to $ 41 million in investment tax credits for its planned electrolyser gigafactory in Michigan.

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