GE’s Energy Business to Acquire US-Made LFP Batteries from Our Next Energy, Boosting IRA Incentives.

GE’s energy business is set to buy US-made LFP batteries from startup Our Next Energy (ONE), which are being developed in the US. This makes these projects eligible for higher rate tax credit incentives through the Inflation Reduction Act (IRA). The IRA also added adders worth an extra 10% off, equating to US$35/kWh for battery cells and US$10/k Wh for battery packs. According to guidance released by the IRS in May, US energy storage projects need to use at least 40% US-designed equipment to qualify, with this threshold rising to 55% from 2027. GE Vernova’s head of solar & storage solutions, Prakash Chandra, said the agreement with ONE was a testament to the US government’s leadership in fostering investment in the energy sector.