210 Major Clean Energy, Clean Vehicle Projects Announced Since IRA – $86B in Investments, 74K New Jobs Across 39 States
- Red states, GOP congressional districts benefitting the most from IRA
- Electric vehicle and battery manufacturing dominated new projects
- States with most announced projects: GA, SC, MI, OH, TN, TX, NY, NC, AZ, CA
WASHINGTON – Companies announced 210 major new clean energy projects in the year since the Inflation Reduction Act (IRA) was signed into law. If completed, the projects would create at least 74,181 new jobs and bring a minimum of $86.3 billion in new private investment to 39 states, according to a new report from the national nonpartisan business group E2.
Based on publicly available information analyzed by E2 of new projects announced since August 16, 2022, Southeast states and Republican congressional districts are benefitting the most from the IRA, according to Clean Economy Works: IRA One-Year Review. Nearly 80 major clean energy and clean vehicle projects – 37 in South Carolina and Georgia alone – are in development or have already broken-ground in the Southeast. Fully 18 of the top 20 congressional districts for clean energy investments are districts represented by Republicans, all of whom voted against the IRA.
Electric vehicle and battery factory announcements led with the most announcements, with companies announcing more than 130 EV and battery projects in the past year. Foreign companies announced nearly half of all projects, bringing international investments to our shores and creating American jobs here instead of sending them overseas.
* 54 of the 208 announcements did not include investment estimates and 68 did not include job estimates.
For the full analysis and more information, including details for every state, congressional district and industry sector, see our IRA one-year review analysis here.
The following is a statement from Bob Keefe, executive director of E2:
“It’s only been a year since the IRA was signed into law, and we’re already seeing the biggest economic boom in America in generations. We are re-energizing communities left behind by previous economic transitions and creating more jobs and attracting more investments than anyone expected.
“The only thing that can stop this clean economy revolution is us. Members of Congress intent on repealing and rolling back the IRA just to score political points should remember the jobs, investments and opportunities being created in their own backyards before trying to kill the game-changing policy that’s making it all possible.”
The following is a statement from Amanda Godward, CEO and founder of energy efficiency company Ecotelligent Homes in Michigan:
“Federal investments through the IRA are driving huge demand from homeowners who want to invest in energy efficiency and renewable energy upgrades–for which federal tax credits and rebates make a world of difference.
As home energy upgrades become more accessible to more people, the industry will grow – and along with it, jobs. While huge clean energy projects are making headlines, the IRA is also supporting skilled trades jobs at smaller employers like us and giving small businesses the confidence to grow.”
The following is a statement from Scott Moskowitz, senior director of market strategy and public affairs at solar panel manufacturer Qcells in Georgia:
“The IRA has spurred massive investments in renewable energy over the past year, and Qcells is absolutely a part of that. This January we announced a $2.5 billion investment in domestic manufacturing to build out the U.S. solar supply chain and create thousands of jobs on American soil – and hundreds of other companies are doing the same.
“This legislation is an incredible market signal to businesses here and around the world that the U.S. is committed to leading the 21st century energy industry.”
The following is a statement from Ariel Fan, CEO and founder of electric vehicle charging company GreenWealth Energy in Los Angeles:
“The IRA has unlocked unprecedented economic opportunity for businesses across America. At GreenWealth Energy a woman minority-owned company, we accessed capital for EV charging, contributing to growth from 2 to 25 during COVID. Aligned with Justice40 goals, we see a visible impact on increased EV equity and job creation in communities most in need.”
The following is a statement from Jason Peace, SVP Business Development lithium-ion battery manufacturer FREYR Battery in Coweta County, Georgia:
“The IRA is groundbreaking legislation that paves the way for the United States to regain traction in the clean energy transition. The passage has led FREYR to accelerate their plans to build out the initial two phases of the GigaAmerica plant in Georgia where we will have nameplate production capacity of 38GWh and employee over 700”
E2 and business leaders from across the country detailed the findings of the report on a national press conference call on August 14. For a recording of the press conference, contact Michael Timberlake (913-645-9103, [email protected]) or Kathryn Dunn (781-738-0730, [email protected]).
- 39 states would be home to at least one major new clean energy project and 31 states would be home to at least two.
- Republican districts accounted for 60 percent of the jobs estimated to be created and 63 percent of the new investments. Democratic districts are home to 60 of the announced developments, $18.4 billion of the total investments, and 16,000 of the jobs estimated to be created. House districts for the other 39 announcements were undetermined at the time of this release.
- The top congressional districts for clean energy investments are North Carolina’s 9th district with nearly $9.9 billion, represented by Republican Rep. Richard Hudson, Georgia’s 11th congressional district with $6.6 billion, represented by Republican Rep. Barry Loudermilk, and Nevada’s 2nd congressional district with $6.6 billion, represented by Republican Rep. Mark Amodei.
- The top congressional districts that would see the largest clean energy employment growth from new clean energy projects are Georgia’s 11th district with 5,660 estimated jobs, represented by Republican Rep. Barry Loudermilk, Nevada’s 2nd congressional district with 5,050 jobs, represented by Republican Rep. Mark Amodei, and South Carolina’s 2nd congressional district with 4,600 jobs, represented by Republican Rep. Joe Wilson.
- The top congressional districts that are home to the most projects announced are Ohio’s 9th congressional district with 6 projects, represented by Democratic Rep. Marcy Kaptur, and Georgia’s 1st congressional district with 5 projects, represented by Republican Rep. Earl Carter. Six other districts are home to four announced projects.
- Foreign companies led or were involved with nearly 100 announced projects. U.S.-based companies led or were involved with 118 announced projects.
- 7 states are home to 10 or more projects, including Georgia, South Carolina, Michigan, Ohio, Tennessee, Texas, and New York. 15 states are home to at least five projects or more.
- Georgia (19 announcements) and South Carolina (18) are the top states for clean energy announcements in the past year. Other Southern states high on the list include:
- Tennessee (12)
- Texas (11)
- North Carolina (9)
- Kentucky (5)
- Michigan is tied with South Carolina with 18 major announcements and leads the Midwest. Other Midwest states high on the list include:
- Ohio (13)
- Wisconsin (4)
- Minnesota (3)
- Illinois (3)
- Manufacturing accounted 171 of the 210 projects, 91 percent of total new estimated private investments, and 95 percent of the estimated new jobs added by all projects.
- The solar energy accounted for the second most announcements among clean energy sectors with 44, including 29 new or expanded facilities for manufacturing solar parts and panels.
- Announcements made by companies based in U.S. states were led Michigan (20), California (17), Massachusetts (11), North Carolina (11), Texas (10), and Arizona (8).
- Announcements made by foreign-based companies based outside the U.S. were led by South Korea (25), Canada (12), Japan (11), Germany (10), China (6). Four announcements were made by companies based in each of Italy, Norway, and Switzerland.
- Electric vehicle-related projects accounted for more than 45 percent (97) of all new projects announced since the IRA was signed into law, 62 percent of estimated jobs, and nearly two-thirds of estimated investments. The solar energy sector produced the second most announcements (44), followed by the battery and storage technology sector (35).
About this Analysis
The data used in this report is limited to information made publicly available by the companies announcing projects and may not be comprehensive of all major projects that began development after August 16, 2022, nor be exclusive of projects that did not publicly disclose specific plans prior to the passage of the IRA. Projects that began development, were proposed, or applied for local and state approval before the passage of the Inflation Reduction Act (IRA) are not included. This analysis also does not include federal investments in which the federal government has provided financial resources for the complete project, lease sales, projects in which an announcement was made but lacked specific geographic information, etc. Details on projects came from news reports on new and related projects, press releases from companies announcing new developments, and government announcements. 156 of the 210 announcements include investment data and 142 of the 210 announcements include job estimates, making this information very conservative. Some announcements did not include specific locations that could be used to identify congressional district information.
For the latest full list of clean energy job announcements tracked by E2, visit https://e2.org/announcements.
E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.