$2.2B in new investments, including $1.2B in EV manufacturing

Businesses announced plans for at least 16 new large-scale clean energy projects in 10 states in July, according to national nonpartisan business group E2’s monthly analysis of new clean energy and clean transportation projects. Based on publicly available information from 14 of the 16 announcements that included new jobs and/or investment estimates, the projects would create nearly 3,600 jobs and bring about $2.2 billion in new private investment.

Following is a statement from Bob Keefe, E2 executive director:

“During the hottest month ever recorded, we fortunately also saw the clean economy continue to heat up. In addition to driving investments, jobs and economic growth, these projects also will help reduce carbon emissions that are warming our planet and turbocharging climate change.

“Policies like the Inflation Reduction Act are making a difference. But we need to go even faster and farther. ”

Since the Inflation Reduction Act (IRA) took effect in August 2022, businesses have announced at least 205 major new clean energy projects across 38 states. Of the projects with publicly available estimates, $86 billion in new private capital would be invested and nearly 70,000 jobs created.

E2 will release a full one-year analysis of the major clean energy projects during a press conference with business leaders nationwide from the solar, electric vehicle and energy efficiency sectors on August 14, 2023 at 11 a.m. ET. The analysis will present a detailed look at the announcements by sector, by state, by congressional district, by month, and more. Register for the press conference here. For more information and an embargoed copy of the full year analysis, please contact Michael Timberlake (913-645-9103, mtimberlake@e2.org) or Kathryn Dunn (781-738-0730, kdunn@e2.org).

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

July Highlights

  • Seven of the planned projects are located in Republican congressional districts and five are in Democratic districts. Site specifics were unavailable for the four other developments (Minneapolis-St. Paul, Minn.; Fort Worth, Texas.; and two in Windsor, Colo.)
  • More than 70 percent of the estimated private investments in July came from four projects. They included a $400 million solar panel manufacturing plant in Colorado Springs, Colo.; a $370 million solar research and development center in Perrysburg, Ohio. and $790 million going to build two factories for suppliers to Ford’s BlueOval City electric vehicle manufacturing plant in Stanton, Tenn.
  • Three companies made multiple announcements in July, with EV supplier Magna announcing three projects in Tenn., EV maker Bollinger Motors announcing two in Mich. and wind turbine maker Vestas announcing two in Colo.
  • Electric vehicle manufacturing accounted for more than half of all investments, with more than $1.2 billion estimated to be invested in nine projects across Calif., Ga., Ky., Mich., Tenn., and Texas.
  • Three states had multiple announcements, led by Colo. (4), Tenn. (3), and Mich. (2).
  • Nine of the announcements were made by companies based outside the U.S. or whose parent company is based outside the U.S., with Canadian businesses accounting for four alone.
  • 2,100 of the estimated jobs to be created by projects announced came from two companies, Magna and Vestas.
  • Manufacturing continued to dominate the list of announcements, with every project announcing either new manufacturing capacity or research and support for advancing manufacturing capabilities.

Detailed below is a list of clean energy announcements tracked by E2 in July. To receive the monthly Clean Economy Works newsletter, sign-up for email updates at e2.org/sign-up/.

Clean Energy Works July 2023 | projects announced by date

Date Company/Org State Source Sector Type Jobs Investment
(
in millions)
7/5 Enphase & Flex SC Link Solar Manufacturing 600 $20M
7/6 First Solar OH Link Solar Research, Training & Technology   $370M
7/11 Microvast CO Link Battery/Storage Manufacturing    
7/11 Cenntro Electric Group CA Link EV Manufacturing    
7/11 Hitachi Astemo Americas KY Link EV Manufacturing 167 $153M
7/12 Kia GA Link EV Manufacturing   $200M
7/18 Vestas CO Link Wind Manufacturing 800 (tot)  
7/18 Vestas CO Link Wind Manufacturing 800 (tot)  
7/20 Magna TN Link EV Manufacturing 750  $790M (tot)
7/20 Magna TN Link EV Manufacturing 300  $790M (tot)
7/20 Magna TN Link EV Manufacturing 250  
7/24 Heliene MN Link Solar Manufacturing   $145M
7/25 Bollinger MI Link EV Manufacturing 237 (tot) $44M (tot)
7/25 Bollinger MI Link EV Manufacturing 237 (tot) $44M (tot)
7/25 Junchuang North America TX Link EV Manufacturing 120 $21M
7/28 Meyer Burger CO Link Solar Manufacturing 350 $400M

To speak with E2 staff and our member business leaders in states across the country, please contact Michael Timberlake—(913) 645-9103, mtimberlake@e2.org or Kathryn Dunn— (781)-738-0730, kdunn@e2.org.

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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