Ballard Power Systems has reported that it has received $54 million in investment tax credits from the U.S. Internal Revenue Service. This grant is a part of the Qualifying Advanced Energy Project Tax Credit, section 48C, which is funded by the Inflation Reduction Act. The firm intends to use these tax credits to facilitate the construction of a brand new fuel cell factory, a Gigafactory, in Rockwall, Texas.
Randy MacEwen, the President and Chief Executive Officer of Ballard, said, "This award of $54 million in tax credits, when combined with our previously announced award of $40 million in U.S. Department of Energy grants, provides Ballard with a total of $94 million in U.S. federal funding. This combined funding is to support the construction of our Gigafactory in Rockwall."
