These amounts increase loan authority in LPOs existing loan programs by approximately $100 billion. The U.S. Energy Information Agency expects 10 percent of utility-scale electricity generation in 2021 to come from wind turbines. ABOUT POWERTAP HYDROGEN CAPITAL CORP.PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp. (PowerTap), is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. 16513), section 1706, and the TELGP program to projects that benefit from the use of other Federal support, subject to limited exceptions including projects benefitting from otherwise allowable Federal tax benefits. While significant capital is available for decarbonization technologies, these projects can still lack access to adequate debt capital. 117-103. Analysis from the REPEAT Project at Princeton University found the Inflation Reduction Act and Bipartisan Infrastructure Law could save 35,000 premature deaths by 2032 from reduced exposure to fine particulate matter from energy activities, with light-, medium-, and heavy-duty trucks and buses comprising over 50 percent of the cause. Share this. Dive into the details on each federal policy. After decades of congressional inaction to curb climate change, advocates and experts are calling Democrats' multibillion-dollar Inflation Reduction Act (IRA) one of the country's most important steps to address the issue and potentially decrease energy costs for households nationwide. The original version of the Build Back Better Act, introduced in September 2021 (H.R. The tax credit, even before the latest increase, was already contributing to . Incremental Capacity Additions Across NREL and REPEAT Modeling . Repeat Project is still analyzing the bill, but Jesse Jenkins said the bill will "probably cut emissions by . The American Recovery and Reinvestment Act (ARRA) (P.L. Explainer U.S. Department of Energy LP 101000 Independence Avenue, SWWashington D.C. 20585. The Inflation Reduction Act (IRA), signed into U.S. law by President Joe Biden on August 16th, might be the biggest climate investment in history, but it does not look much like the kinds of policies that have been most championed by climate activists and economists. Project starts less than 60 days after Treasury issues guidance on how to meet prevailing wage and apprenticeship standards . Nearly half of the funding will be invested in climate solutions, creating incentives that will set the United States on a trajectory to a 40% reduction in carbon emissions by 2030 . LPO plans to provide initial implementing guidance and collect public comment on program design for EIR in its upcoming Title 17 Notice of Proposed Rulemaking, which was the subject of a recent Request for Information. While partial loan guarantees remain available, access to direct loans through FFB obviates the need for a Tribal borrower to also secure a commercial debt partner, which is expected to facilitate Tribes utilization of the program for energy development investments. This argument points to projections of significant emission reductions relative to the "no Inflation Reduction Act" status quo. For all our readers who strictly work in gigatons and as DAC enthusiasts, this equates to "0.8-1Gt of additional carbon emission reduction in 2030 relative to current policy baseline" analysis by Jesse . Passed by the U.S. House of Representatives on November 19, 2021, the Build Back Better Act (H.R. This significant US government investment is a major step toward reducing the United States greenhouse gas emissions that leads to the conclusion that hydrogen will play a meaningful part in that effort. Download the REPEAT Project's Preliminary Report for analysis of the energy system and climate impacts of the recently introduced Inflation Reduction Act of 2022. IRA appropriations also support the expanded activities authorized by the Bipartisan Infrastructure Law that required these new appropriations to go into effect. Learn how the bill cuts U.S. emissions by roughly 1 billion tons by 2030 and compare to previously introduced and enacted legislation. These projects supported more than 10,000 jobs and have the capacity to power more than 1 million average American homes annually. These early modeling results outstrip renewable deployment in the "high electrification" scenario by more than 150 GW in under a decade. IRA appropriates approximately $11.7 billion in total for LPO to support issuing new loans. However, the wage requirement in the new bill seems to be the most important part of the deal multiplying the size of the tax credit by a factor of five. LPO fills this gap in commercial deployment by serving as a bridge to bankability for innovative and high-impact energy technologies, providing them with access to needed loans and loan guarantees when private lenders cannot or will not until a given technology has reached full market acceptance. The bill is a step toward greater federal action on both climate change and addressing some of the administration's commitments on environmental justice (EJ). The REPEAT Project provides regular, timely, and independent environmental and economic evaluation of federal energy and climate policies as theyre proposed and enacted. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and, in some instances, to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release. IRA creates a new program under Title 17 (section 1706), the Energy Infrastructure Reinvestment (EIR) Program, to guarantee loans to projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations, or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or anthropogenic emissions of greenhouse gases. PowerTap Hydrogen Capital Corp. VANCOUVER, British Columbia and IRVINE, Calif., Aug. 17, 2022 (GLOBE NEWSWIRE) -- PowerTap Hydrogen Capital Corp. (NEO: MOVE) (FWB: 2K6) (OTC: MOTNF) (PowerTap or the Company or MOVE)is pleased to provide an update on the US Inflation Reduction of Act (IRA) of 2022 recently signed by President Biden, which allows PowerTap to expand outside of California since the incentives are now also at federal level. IRA provides an additional $40 billion of loan authority for projects eligible for loan guarantees under section 1703 of the Energy Policy Act of 2005, toremain available through September 30, 2026. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the Act), which extends and expands existing tax credits and adds several new energy tax credits to encourage the production of clean energy and reduce carbon emissions. Experts from RFF, Energy Innovation, the REPEAT Project, and Rhodium Group discuss new analyses that project the bills potential impacts on US households and economy-wide emissions reductions. (This version, August 4, 2022.) These projects supported more than 10,000 jobs and have the capacity to power more than 1 million average American homes annually. PowerTap Hydrogen Capital Corp. 1 14 Three independent . Speaker of the House Nancy Pelosi, D-Calif., talks to reporters on Friday during her weekly news conference ahead of the House vote on the Inflation Reduction Act of 2022 . Prior to the September 30, 2011 sunset date of the American Recovery and Reinvestment Act of 2009 (ARRA) Section 1705 program, LPO guaranteed $16.1 billion in loans to 25 ARRA projects. PowerTap intends to focus its efforts on maximizing the available tax credits closely following the criteria identified here. Likewise, the new and expanded consumer tax credits will impact the demand for EVs and home energy-efficiency upgrades. The proposal includes $369 billion for new climate and energy investments over the next decade. If a project completes this application process, it is invited into due diligence and term sheet negotiation, a process similar to that of commercial lenders. Investment Tax Credit Extension (Section 1302), Production Tax Credit Addition (Section 1301), and Transition to New Technology Neutral Credit (Sections 13701 and 13702) . On August 16, 2022, President Biden signed the landmark "Inflation Reduction Act" (IRA) into law, which contains several renewable energy tax breaks to help companies and U.S. consumers. WASHINGTON, D.C.. Learn how the bill cuts U.S. emissions by roughly 1 billion tons by 2030 and compare to previously introduced and enacted legislation. LPO also guaranteed a loan to Shepherds Flat, one of the largest wind farms in the world. While significant capital is available for decarbonization technologies, these projects can still lack access to adequate debt capital. TELGP was originally established to provide partial guarantees of commercial or other qualified loans made for energy development to a federally recognized Indian tribe, Alaska Native Corporation, or tribal energy development organization. The Inflation Reduction Act (IRA) of 2022 will result in an investment of $369 billion in energy and climate change programs (link here) and will avoid 6.3 billion tons of cumulative greenhouse . While we believe in green hydrogen (electrolysis) and have several investments in the green hydrogen space, we believe that blue hydrogen is the appropriate solution for the United States for the next decade due to the high cost of electricity that is needed to produce green hydrogen. Passed by the U.S. House of Representatives on November 19, 2021, the Build Back Better Act (H.R. The REPEAT Project analysis is broadly in line with early estimates from analysts at . The justification for climate change action is strong, but there are two possible approaches to take which we might colloquially call carrots and sticks. We are also pleased that this legislation is awarding federal incentives including tax credits to both green and blue hydrogen producers in the United States. There's a lot to like about the Inflation Reduction Act (IRA), the $770 billion spending bill that emerged unexpectedly this summer out of Washington's gridlock. Pre-application consultations allow potential applicants to begin a dialogue directly with LPO staff to help LPO learn more about the project and to help ensure that applicants fully understand DOE's requirements and processes. For individuals who earn more than $150,000 per year, and married couples who file taxes and earn a combined income of less than $300,000 per year, the Inflation Reduction Act would offer a $7,500 tax credit on the purchase of some types of electric vehicles. August 18, 2022 10:42 AM EDT O n the surface, the Inflation Reduction Act that President Biden signed into law on Tuesday may sound like a massive government spending program. The Inflation Reduction Act (IRA) is the most significant climate legislation in United States history. This scenario helps track how the bill evolved from initial introduction to final passage in the House and the impact of legislative changes made during negotiations over the bill. Establishes a Greenhouse Gas Reduction Fund. Since 2011, utility-scale wind projects have been able to attract commercial lenders and continue to grow as one of the largest sources of new electricity in the United States. Repeat Project estimates that the act will lead to a 13% decline in the use of petroleum fuel and an 8% decline in gas use by 2030, compared to 2021 levels. The REPEAT Project, compiled by Princeton's ZERO Lab, has produced a side-by-side comparison of emissions cuts under the Inflation Reduction Act and the earlier House version of Build. Date Aug. 10, 2022 Time 1 p.m. 2 p.m. Analysis by the REPEAT Project, an energy policy evaluation group, suggests the Inflation Reduction Act could cut 2030 CO2 emissions by an extra gigaton (one billion metric tons). Potential applicants are encouraged to contact LPO forno-fee, no-commitment pre-application consultationsprior to submitting a formal application. While not every loan application will move forward, as of the end of July, LPO had 77 active applications totaling $80.8 billion in requested loans and loan guarantees across a variety of sectors. A decade ago, LPO provided loan guarantees for the first five utility-scale solar PV projects in the United States larger than 100 megawatts. The IRA also adds a new loan program, the Energy Infrastructure Reinvestment (EIR) Program (section 1706), to help retool, repower, repurpose, or replace energy infrastructure that has ceased operations or to improve the efficiency of infrastructure that is currently operating. Here's what's in it. Please visit the company's profile on the NEO Exchange website at https://www.neo.inc/en/live/security-activity/MOVE#!/market-depth, Investor Contact:Tyler Troup, Circadian Group IR MOVE@circadian-group.com, PowerTap Contact:Raghu Kilambi raghu@hydrogenfueling.co+1 (604) 687-2038. If transmission expansion keeps its current pace, natural gas use will increase to 4% above 2021 levels in 2030 and remain elevated through 2035, the REPEAT project analysts said. There are a significant number of changes to the Build Back Better Act, which the REPEAT Project has carefully documented along with a thorough catalog of all climate and clean energy provisions in the final Infrastructure Bill in this document. Climate Change Investments in the Inflation Reduction Act of 2022 ClimateChangeBill.org is an online resource from Green Jobs Network The Inflation Reduction Act of 2022, signed into law by President Biden on August 16, 2022, contains the largest federal climate investment in U.S. history. Some assumptions include, without limitation, the development of hydrogen powered vehicles by vehicle makers, the adoption of hydrogen powered vehicles by the market, legislation and regulations favoring the use of hydrogen as an alternative energy source, the qualification for carbon credits (including the availability of credits, benefits, emission reductions, offsets and allowances, howsoever entitled, attributable to the production, combustion or other use of biogas), the availability of sufficient RNG feedstock the Companys ability to build out its planned hydrogen fueling station network, and the Companys ability to raise sufficient funds to fund its business plan. Modeling experts from Resources for the Future (RFF), Energy Innovation, Princeton Universitys REPEAT Project, and Rhodium Group have examined the legislations climate and energy provisions and projected their effects on US emissions reductions and costs for US retail electricity consumers. the inflation reduction act (ira) of 2022 will result in an investment of $369 billion in energy and climate change programs (link here) and will avoid 6.3 billion tons of cumulative. Currently, LPO has billions in available loan authority through three loan programs: Advanced Technology Vehicles Manufacturing, #DeployDeployDeploy: 1. Inflation Reduction Act of 2022: Modeling Major Climate and Energy Provisions Experts from RFF, Energy Innovation, the REPEAT Project, and Rhodium Group discuss new analyses that project the bill's potential impacts on US households and economy-wide emissions reductions. This new loan authority is open to all currently eligible Title 17 Innovative Clean Energy technology categories, including fossil energy and nuclear energy. In the meantime, interested applicants should contact LPO to request a pre-application consultation by emailinglpo@hq.doe.gov. The Solutions Project / Inflation Reduction Act Statement. LPO plans to provide initial implementing guidance, and collect public comment on program design, for section 1706 in an upcoming Title 17 Notice of Proposed Rulemaking. The Inflation Reduction Act creates significant opportunities for building owners to ready their operations for long-term resiliency and eliminate deferred maintenance, realize cost savings, accelerate decarbonization and reach equitable outcomes for generations to come. The media and large climate institutions deem it as landmark legislation and one of the biggest federal environmental . by 2030, the recently passed inflation reduction act (ira) could cut us emissions by 40% (relative to 2005 levels), compared with a 27% reduction under current policies. Read more about LPOs mission and track record here: /lpo/articles/getting-know-loan-programs-office. The wide-ranging impacts of these new and expanded authorities are further described below. It remains stalled in the U.S. Senate at this time. Notice Regarding Forward Looking Information: This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Michaels work spans the Research and Policy Engagement program, helping to connect RFF experts with policymakers and develop new strategies for engagement. Other tax incentives in IRA are expected to position many clean energy technologies for deployment and spur investment in domestic supply chains. Producers would be eligible for this boost if they ensure that any laborers and mechanics employed by contractors and subcontractors in the construction of such facility shall be paid wages at rates not less than the prevailing rates for construction, alteration, or repair of a similar character in the locality in which such facility is located as most recently determined by the Secretary of Labor. Importantly, these lifecycle emissions are calculated from well-to-gate in other words, they would include upstream methane emissions in the production of blue hydrogen (which is made from natural gas with incomplete carbon capture and storage). The U.S. Department of Energy (DOE) today released a fact sheet highlighting the Inflation Reduction Act's monumental support for clean energy technologies that will lower energy costs for families and businesses while helping drive 2030 economy-wide greenhouse gas (GHG) emissions to 40% below 2005 levels. This implies reduced valuations for booked oil and gas reserves, and incrementally reduces the incentive to invest in new production facilities, Jenkins says. The Carbon Dioxide Transportation Infrastructure Finance and Innovation (CIFIA) Program. August 17, 2022 07:30 ET The study found that the Act will impact three key areas; energy costs, oil and gas prices and emissions. The size of the tax credits available to US clean hydrogen producers depends on the lifecycle greenhouse gas (GHG) emissions of each project and more importantly, on how much staff are paid. IRA appropriates $5 billion through September 30, 2026, to carry out EIR, with a total cap on loans of up to $250 billion. To further affirm the emissions reduction benefits, the REPEAT Project finds that with the Inflation Reduction Act, emissions in 2030 would reach roughly 41 percent below 2005 levels. The Inflation Reduction Act (IRA) of 2022 will result in an investment of $369 billion in energy and climate change programs (link here) and will avoid 6.3 billion tons of cumulative greenhouse gas emissions by 2030 (Princeton University ZERO Lab Preliminary Report: The Climate and Energy Impacts of the Inflation Reduction Act of 2022), amounting to a 40 percent annual emissions reduction compared to 2005 levels (link here).
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