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
VANCOUVER, BC and ROCKWALL, Texas, April 1, 2024 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP) (TSX:BLDP) announced it has been awarded $54 million 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 $54 million in tax credits to support the build-out of a new fuel cell Gigafactory in Rockwall, Texas.