- $176 million in investments announced by businesses in January is lowest total since E2 tracking began in August 2022
- GOP House districts lose 1,300 expected jobs, $2.7B in investments due to cancellations
- January’s dip comes as Congress begins debate on repealing clean energy tax credits
WASHINGTON (Feb. 13, 2025) – Investments in large-scale clean energy projects last month fell to their lowest level since the passage of game-changing clean energy tax credits, amid increasing project cancellations and growing market uncertainty as Congress begins debate on repealing the tax credits and other incentives.
Companies announced just $176 million in new clean energy related factories and other projects in January – by far the lowest monthly total announced by businesses since E2 began tracking such projects in August 2022. This was just the fourth time monthly investments in new projects did not reach at least $1 billion.
Meanwhile, project cancellations are rising. Multiple project announcements tracked by E2 were recently cancelled. Last week, Freyr Battery announced it was halting plans for a $2.6 billion, 700-employee battery factory in Georgia. Earlier this week, Ford Motor Co. CEO Jim Farley warned the iconic automaker could be forced to lay off employees amid rising costs from tariffs and other market uncertainty from Trump administration policies.
Following is a statement from MICHAEL TIMBERLAKE, E2 COMMUNICATIONS DIRECTOR:
“This is the only time we’ve seen private-sector investment in new projects drop to these levels. We hope leaders in Washington recognize what’s at risk for businesses, workers and communities across the country if this self-inflicted and unnecessary market uncertainty continues.”
January’s clean energy related announcements included $176 million in 11 large-scale projects – but most of those were from a single company, GE Vernova. The company announced more than $120 million in investments in wind, solar and electric grid equipment manufacturing projects in Texas, North Dakota, Pennsylvania, New York and Florida, along with fossil fuel projects elsewhere. GE’s clean energy projects are expected to create 750 new permanent jobs.
Two new projects – a hydrogen related factory and a battery storage recycling operation – were announced in Michigan, bringing the total number of projects announced in that state to 36—four more than the next closest state (Georgia).
January’s announcements bring the overall number of major projects tracked by E2 to 372, while announced investments dropped from more than $132 billion to $129 billion and announced jobs dropped from 16,450 to 115,900 across 42 states and Puerto Rico due to cancellations. (E2 will officially begin tracking projects that have been cancelled, stalled, downsized, or at risk beginning in March.)
Through January, nearly 62 percent of all clean energy projects announced—along with 71 percent of all jobs and 82 percent of all investments —are in congressional districts represented by Republicans. Districts represented by Republicans, however, were most impacted by recent cancellations with investments and jobs dropping by more than $2.7 billion and 1,300 despite receiving six new announcements in January.
A full map and list of announcements is available at e2.org/announcements/.
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Detailed below is a list of January clean energy announcements tracked by E2 along with totals by state, sector, industry type for all projects announced since E2 began tracking in August 2022.
Clean Economy Works January 2025 | projects announced by date
| Date | Company/Org | State | Source | Sector | Type | Jobs | Investment |
| 1/16 | Robert Bosch LLC | MI | Link | Hydrogen | R&D | 28 | $13,800,000 |
| 1/16 | Envergia | MI | Link | Battery/Storage | Recycling, Repairs, Maintenance | 52 | $32,700,000 |
| 1/22 | Modine | WI | Link | EV | Manufacturing | 200 | |
| 1/29 | GE Vernova | PA | Link | Solar | Manufacturing | 270 | $10,000,000 |
| 1/29 | GE Vernova | PA | Link | Grid, Transmission and Electrification | Manufacturing | $120,000,000 (total across 7 projects) | |
| 1/29 | GE Vernova | FL | Link | Grid, Transmission and Electrification | Manufacturing | $120,000,000 (tot) | |
| 1/29 | GE Vernova | FL | Link | Wind | Manufacturing | $120,000,000 (tot) | |
| 1/29 | GE Vernova | NY | Link | Wind | Manufacturing | $120,000,000 (tot) | |
| 1/29 | GE Vernova | ND | Link | Wind | Manufacturing | $120,000,000 (tot) | |
| 1/29 | GE Vernova | TX | Link | Wind | Manufacturing | $120,000,000 (tot) | |
| 1/31 | ZM Trucks | CA | Link | EV | Manufacturing | 200 |
Clean Economy Works | total projects announced by state Aug. 2022-Jan. 2025
| State | Projects Announced | Announced Investments | Announced Jobs |
| Alabama | 9 | $1.6 Billion | 1,511 |
| Arkansas | 2 | $250 Million | 500 |
| Arizona | 12 | $6.7 Billion | 2,402 |
| California | 15 | $1.6 Billion | 810 |
| Colorado | 6 | $230 Million | 1,152 |
| Connecticut | 4 | $24.8 Million | 100 |
| Florida | 5 | $172 Million | 400 |
| Georgia | 33 | $15.4 Billion | 16,703 |
| Iowa | 4 | $17 Million | 102 |
| Illinois | 7 | $2.6 Billion | 2,719 |
| Indiana | 12 | $8.3 Billion | 5,262 |
| Kansas | 3 | $110 Million | 180 |
| Kentucky | 9 | $2.7 Billion | 2,721 |
| Louisiana | 6 | $1.7 Billion | 1,109 |
| Massachusetts | 6 | $45.7 Million | 1,041 |
| Maryland | 4 | $316 Million | 325 |
| Maine | 1 | $6 Million | 200 |
| Michigan | 36 | $12.2 Billion | 12,435 |
| Minnesota | 4 | $155 Million | 700 |
| Missouri | 4 | $674 Million | 450 |
| Mississippi | 3 | $2 Billion | 2,340 |
| North Carolina | 24 | $21.3 Billion | 11,966 |
| Nebraska | 1 | N/A | N/A |
| New Hampshire | 1 | $16.3 Million | N/A |
| New Mexico | 7 | $2.2 Billion | 3,442 |
| Nevada | 7 | $6.6 Billion | 5,250 |
| New York | 14 | $791 Million | 3,079 |
| North Dakota | 1 | N/A | N/A |
| Ohio | 18 | $7.1 Billion | 4,854 |
| Oklahoma | 7 | $4.3 Billion | 1,810 |
| Oregon | 2 | $43 Million | N/A |
| Pennsylvania | 2 | $126 Million | 427 |
| Puerto Rico | 1 | N/A | 800 |
| Rhode Island | 1 | N/A | N/A |
| South Carolina | 29 | $15.5 Billion | 14,087 |
| Tennessee | 20 | $5.5 Billion | 4,976 |
| Texas | 29 | $8 Billion | 10,302 |
| Utah | 3 | $1 Billion | N/A |
| Virginia | 7 | $1.2 Billion | 885 |
| Vermont | 1 | N/A | 12 |
| Wisconsin | 7 | $242 Million | 462 |
| West Virginia | 4 | $1.3 Billion | 850 |
Clean Economy Works | total projects announced by sector Aug. 2022-Jan. 2025
| Sector | Projects | Jobs | Investment |
| Battery/Storage | 83 | 27,419 | $43,297,500,000 |
| Biofuel | 1 | 40 | $0 |
| Energy Efficiency | 1 | 200 | $6,000,000 |
| EV | 168 | 64,166 | $82,525,800,000 |
| Geothermal | 1 | 0 | $0 |
| Grid, Transmission and Electrification | 21 | 2,921 | $2,046,859,000 |
| Hydrogen | 19 | 3,556 | $6,106,600,000 |
| Semiconductor | 2 | 1,970 | $5,375,000,000 |
| Solar | 87 | 29,154 | $15,823,570,000 |
| Wind | 29 | 3,254 | $4,060,500,000 |
*totals will not match overall figures as some projects are categorized into multiple sectors
Clean Economy Works | total projects announced by type Aug. 2022-Jan. 2025
| Type | Projects | Jobs | Investment |
| Generation | 44 | 3,786 | $9,438,370,000 |
| Manufacturing | 303 | 109,857 | $119,365,559,000 |
| R&D | 15 | 1,298 | $523,900,000 |
| Recycling, Repair, and Maintenance | 10 | 932 | $213,500,000 |
Clean Economy Works | total projects announced by congressional district Aug. 2022-Jan. 2025
| Party | Projects | Announced Jobs | Announced Investments |
| Republican | 228 | 81,747 | $106,846,529,000 |
| Democratic | 123 | 29,384 | $19,543,000,000 |
| Unknown | 21 | 4,770 | $3,151,800,000 |
To speak with E2 staff and our member business leaders in states across the country, please contact Alex Frank—(703) 276-3264, afrank@hastingsgroupmedia.com or Michael Timberlake—(913) 645-9103, mtimberlake@e2.org.
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Additional Resources:
- E2: Clean Jobs America 2024 | Interactive Jobs Map & Full Data Tables
- E2: Clean Economy Works | IRA Two-Year Review
- E2: Clean Economy Works Tracker
- E2: Benefits to Rural America from the Inflation Reduction Act: Driving Jobs, Investment, and Economic Resilience
- E2: Clean Economy Works | An Economic Impact Analysis of Major Clean Energy Projects Announced In Year One of the Inflation Reduction Act
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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.