13 clean energy projects totaling $16B were announced in October

(Image by Sebastian Ganso from Pixabay)

Businesses announced nearly $16 billion in new private-sector investments for 13 new large-scale clean energy projects in October, according to the latest monthly analysis of new clean energy and clean vehicle projects by the national nonpartisan business group E2.

The projects include electric vehicle, battery and solar panel factories, and hydrogen projects in eight states.

Based on publicly available information from 12 of the 13 announcements that included new jobs and/or investment plans, the projects would create at least 7,800 jobs.

In total between August 2022—when the federal Inflation Reduction Act (IRA) was signed into law— and the end of October, businesses announced at least 251 major new clean energy projects in 40 states. Of the projects with publicly available estimates, $108.7 billion in new private capital would be invested and more than 90,000 jobs created.

Last month, E2 released an economic impact report detailing the broader impact of clean energy projects spurred by the IRA.  According to public announcements tracked by E2 in the first year of the IRA, projects would directly create more than 74,000 new jobs and generate $86.3 billion in private investments.

But when indirect and induced jobs and investments are included, the projects would support more than 400,000 jobs and add $156 billion to the nation’s GDP during construction, according to the E2 analysis. Billions more would be added to the GDP every year once the projects were up and operational.

GO DEEPER: Jose Zayas, EVP of Policy and Programs, American Council on Renewable Energy joined the Factor This! podcast to break down the key components of the historic Inflation Reduction Act, which includes $369 billion dedicated to clean energy and climate change.

October highlights include:

• Manufacturing projects accounted for all 13 announcements in October.
• Electric vehicle and related battery projects accounted for nearly $12 billion of the investments announced and 4,700 of the jobs, led by Toyota’s $8 billion battery plant expansion in North Carolina that is expected to employ 3,000 new workers.
• Solar manufacturing saw three major announcements that will invest at least $850 million and create nearly 1,500 new jobs.
• Three states had multiple announcements, led by N.C. (3), Ind. (3), and Ga. (2).

Clean Energy Works October 2023 | Projects announced by date