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Ballard announces $54 million of additional funding support, bringing total U.S. federal funding to $94 million for Ballard's fuel cell Gigafactory in Texas
Ballard announces $54 million of additional funding support, bringing total U.S. federal funding ...
About this update from Ballard Power Systems Inc.
[{"type":"text","content":"\n \n \n \n Ballard announces $54 million of additional funding support, bringing total U.S. federal funding to $94 million for Ballard's fuel cell Gigafactory in Texas\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n and\n \n ROCKWALL, Texas\n \n ,\n \n April 1, 2024\n \n /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) announced it has been awarded\n \n $54 million\n \n of investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit (48C), funded by the Inflation Reduction Act (IRA). The 48C program, which provides 30% investment tax credits for selected clean energy manufacturing projects, is designed to support secure and resilient domestic clean energy supply chains. Ballard plans to use the\n \n $54 million\n \n in tax credits to support the build-out of a new fuel cell Gigafactory in\n \n Rockwall, Texas\n \n .\n \n \n \"Ballard sits at the convergence of the megatrends of decarbonization, energy security, and technology change, with highly disruptive and proven zero-emission fuel cell products,\" said\n \n Randy MacEwen\n \n , Ballard's President & Chief Executive Officer. \"We are encouraged with the increasingly constructive policy landscape, including the recent unveiling of the U.S. National Blueprint for Transportation Decarbonization and the National Zero-Emission Freight Corridor Strategy. At the same time, we are seeing growing customer interest across our market verticals.\"\n \n \n Mr. MacEwen added, \"Customers are being very clear – they are counting on us to be there for them at volume and at the right costs. The ability for us to demonstrate a clear roadmap to high production volumes at significantly reduced costs is critical to customers transitioning from demonstrations to future scaled deployments.\"\n \n \n Mr. MacEwen continued, \"This award of\n \n $54 million\n \n in tax credits, combined with our previously announced award of\n \n $40 million\n \n in U.S. Department of Energy grants, provide Bal...