This tax credit helps support American manufacturers as they seek to retool existing production lines or establish new factories to manufacture a range of advanced energy technologies and critical materials. It is likewise open to industries seeking to increase efficiency and reduce the emission footprint of their factories. Notably, this credit is capped at $10 billion total, with 40% of that set aside for investments in communities where coal mining and/or coal-fired generation has ceased operation in recent decades.
Photo: A rendering of LS Greenlink USA’s subsea cable manufacturing facility in Chesapeake, Virginia. The $680 million plant will service the offshore wind industry. Courtesy of LS Greenlink USA.
LS Greenlink Manufacturing Facility
- Status: In Development
- Location: Chesapeake, VA
- Congressional District: Virginia 3rd
- Technology: Submarine Cable (For Offshore Wind)
- Relevant Tax Provision: Advanced Energy Project Credit (48C)
- Fast Facts:
- A subsidiary of LS Cable & Systems will invest over $680 million to build the facility, which will produce high-voltage direct current submarine cable for offshore wind projects.
- The project represents the largest capital investment in the history of Chesapeake City.
- The 750,000-square-foot facility will create over 330 jobs, with an average annual salary of $76,000.
SOLARCYCLE Cedartown Recycling Facility
- Status: In Development
- Location: Cedartown, GA (Polk County)
- Congressional District: Georgia 14th
- Technology: Solar Panel Recycling
- Relevant Tax Provision: Advanced Energy Project Credit (48C)
- Fast Facts:
- SOLARCYCLE is set to open its newest solar panel recycling facility in Cedartown, GA in mid-2025 thanks to the Advanced Energy Project Tax Credit (48C).
- The Cedartown facility will have the capacity to recycle two million panels annually, will be the first-of-its-kind in the U.S., and will create 600 full-time jobs in Polk County.
- By recycling solar panels in the United States, companies like SOLARCYCLE are onshoring this crucial supply chain and creating good-paying American jobs.
MP Materials Rare Earth Magnet Manufacturing
- Status: Operational
- Location: Fort Worth, TX (Kimble County)
- Congressional District: Texas 24th
- Technology: Rare Earth Manufacturing
- Relevant Tax Provision: Advanced Energy Project Credit (48C)
- Fast Facts:
- MP Materials received a tax credit through the 48C Advanced Energy Projects program to advance construction of its now operational rare earth magnet manufacturing facility in Fort Worth, TX.
- This is the first and only fully-integrated rare earth facility in the U.S., which is making critical advanced energy and defense components from domestically sourced materials in Mountain Pass, CA.
- Neodymium-iron-boron magnates are irreplaceable for key defense applications and MP Materials is helping to onshore this critical technology’s supply chain which will bolster our national security and create American jobs.
Wallbox Electric Vehicle Charger Manufacturing
- Status: Operational and Expanding
- Location: Arlington, TX (Tarrant County)
- Congressional District: Texas 33rd
- Technology: Electric Vehicle (EV) Charging Manufacturing
- Relevant Tax Provision: Advanced Energy Project Credit (48C)
- Fast Facts:
- Wallbox is expanding its manufacturing footprint in Tarrant County, TX thanks to the Advanced Energy Project Credit (48C).
- At full capacity, Wallbox’s Arlington facility will employ 700 local workers with good-paying jobs. At full capacity, this facility will produce over one million chargers per year.
- Wallbox’s chargers are 100% Buy America-compliant and are some of the fastest chargers made in the United States.