- Albemarle, Cummins and Siemens Energy are some companies that received tax credit under a section of the Inflation Reduction Act , according to details released on Friday by the U.S. Department of Energy .
These credits would provide up to 30% of the investment costs provided they meet U.S. wage and apprenticeship requirements.Renewable and clean energy are key to meeting the climate goals set at the 2015 UN Climate Change Conference in Paris aimed at limiting global warming. While U.S. investment in wind and solar power plants hit record levels last year, the dramatic rate of expansion still fell short of the level needed to meet the nation's climate change goals.Albemarle is to receive $9.4 million in credits to support the company's lithium carbonate production at its Silver Peak Lithium Project facility in Nevada.