On Friday, President Barack Obama announced the recipients of the $2.3 billion Advanced Energy Manufacturing Tax Credits program to boost renewable energy manufacturing. The tax credits will directly be funded via the $787 billion American Recovery and Reinvestment Act. See here for a complete list of projects and go below the fold to watch President Obama’s statement.
This is an altogether separate funding stream from the direct cash grant program administered by the Treasury Department or the Investment or Production Tax Credits.
President Obama says AEMTC will “help close the clean energy gap that’s grown between America and other nations.” The White House makes no bones that it wants to beat China in the ongoing global cleantech race.
The AEMTC, according to a White House press release, are worth up to 30 percent of each project, and “will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing.” Approximately 30 percent of the projects backed by this funding will be completed in 2010, according to the White House.
Watch: