Albemarle extracts lithium from underground brine deposits at this site in Silver Peak, Nevada. Credit: Albemarle
Thirty five projects, focused on electrical grid enhancements, critical minerals, and electric vehicle components, among others, got a total of $1.93 billion in tax credits.US President Joe Biden signed the landmark $430-billion IRA into law in 2022. In March, $4 billion in tax credits were announced to over 100 projects to accelerate clean energy manufacturing under the Qualifying Advanced Energy Project Tax Credit .
While US 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.