Biden Unveils Winners of $2 Billion in Green Tax Credits

Battery-material maker Novonix, electric vehicle charger manufacturer Wallbox and rare earth producer MP Materials Corp. were among about 35 recipients of clean energy tax credits totaling nearly $2 billion that were announced Friday by the Biden administration.

The credits announced by the Energy Department are part of a program for clean energy manufacturers that received $10 billion through President Joe Biden’s signature climate law, the Inflation Reduction Act. They provide investment tax credits of as much as 30% for technologies that accelerate clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.