Obama administration announced $2.3 Billion for Clean Energy
Jan 13, 2010 01:35 PM | about stocks: ZBB, COMV, ITRI, DGII, ELON, ENOC, FSLR, STP, SPWRA, CSIQ, TSL, SOLF, LDK, SOL, CSUN, ASYS
Friday, January 8, 2010
The Business Journal
The Obama administration announced Friday the awarding of $2.3 billion in stimulus tax credits for clean energy manufacturing projects across the country, including $35.9 million for Wisconsin firms or for projects in the state.
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The awards include $12.45 million in tax credits to Waukesha Electric Systems Inc. in Waukesha for an expansion of its plant to produce large, high-voltage power transformers.
Another significant tax credit award, $14.87 million, will go to ZBB Energy Inc. (AMEX: ZBB), a Menomonee Falls-based manufacturer of large-scale zinc bromide batteries for alternative energy applications.
Spain-based Ingeteam was awarded $1.66 million in tax credits to build wind turbine generators and power converter and control systems for the wind and solar industry.
City and state economic development leaders traveled to Spain last fall in an effort to lure a wind energy technology company to invest in Milwaukee. Metropolitan Milwaukee Association of Commerce president Tim Sheehy declined to comment Friday afternoon when asked if Ingeteam was the company the Milwaukee contingent had visited with while on the trip to Spain.
Local representatives of Ingeteam, which has an office in Mequon, couldn’t be reached for comment.
Sheehy said a decision by the Spanish company being targeted as to whether it will invest in Milwaukee is likely to come early this year.
The White House said that the Recovery Act Advanced Energy Manufacturing Tax Credits will be shared among 183 projects in 43 states and create tens of thousands of "high-quality clean energy jobs" while promoting domestic manufacturing of advanced clean energy technologies including solar, wind, and efficiency and energy management technologies.
"Building a robust clean energy sector is how we will create the jobs of the future," said President Obama. "The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security."
This effort, along with other Recovery Act investments, is expected to drive significant growth in the renewable energy and clean technology manufacturing sectors and give the United States the ability to lead globally in these markets. The investment tax credits, worth up to 30 percent of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the United States.
Other Wisconsin companies receiving credits are:
, Caledonia, will get a $2.44 million tax credit to manufacture bricks and pavers from coal power plant fly ash. The process uses 88 percent less energy than traditional fired clay products, while avoiding the carbon dioxide emissions associated with concrete, and makes beneficial use of fly ash.Kaydon Corp.
will get a $1.77 million tax credit to re-equip and expand its plant in Milwaukee to produce pitch and yaw bearings used in the production and assembly of wind energy turbines. Kaydon is based in Ann Arbor, Mich.Wausaukee Composites Inc.
will get $930,810 in tax credits to manufacture fiberglass wind turbine components.Bassett Inc.
, of Kaukauna, will receive $868,500 in tax credits to manufacture wind turbine towers and foundation components for all sizes of turbines and a $75,000 tax credit to manufacture carbon capture and sequestration systems to extract and trap carbon from waste systems from coal fired power plants.Cooper Power Systems
, or Waukesha, is receiving $846,180 in tax credits for a new facility that will be producing high efficiency transformers. Themes: Clean Energy