$16 billion sets second-highest monthly total since IRA passed

WASHINGTON – 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.

Following is a statement from Michael Timberlake, E2 communications director:

“These projects are huge, but they’re also just the just the tip of the economic impact – impacts that filter down to local suppliers, restaurants and tax rolls.”

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.

A full list of announcements is available at e2.org/announcements/.

October Highlights

  • 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).

Detailed below is a list of clean energy announcements tracked by E2 in October.

Clean Energy Works October 2023 | projects announced by date

Date Company/Org State Source Sector Type Est. Jobs Est. Investment
10/4 LG Energy Solution & Toyota MI Link EV Manufacturing $3B
10/5 Fronius IN Link Solar Manufacturing 200
10/6 Autel NC Link EV Manufacturing 400
10/11 Suniva GA Link EV Manufacturing 240
10/11 Stellantis & Samsung SDI IN Link Battery/Storage Manufacturing 1400 $3.2B
10/11 Gestamp WV Link EV Manufacturing 100 $75M
10/17 Array Technologies NM Link Solar Manufacturing 87 $49M
10/24 Antora Energy CA Link Battery/Storage Manufacturing
10/26 Epsilon Advanced Materials NC Link EV Manufacturing 500 $650M
10/30 Canadian Solar IN Link Solar Manufacturing 1200 $800M
10/30 John Cockerill Hydrogen TX Link Hydrogen Manufacturing 200
10/31 Hwashin GA Link EV Manufacturing 460 $176M
10/31 Toyota NC Link EV Manufacturing 3000 $8B

Additional Resources:

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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.

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