Companies Announce $2.4 Billion for Major Clean Energy Manufacturing Projects in January; 4 Projects to Create At Least 2,100 Jobs

WASHINGTON – Battery and electric vehicle (EV) suppliers announced $2.4 billion in investments to build four new large-scale clean energy manufacturing projects in January, according to the monthly tally of private-sector announcements from E2. The new projects – which are expected to create at least 2,100 new jobs across Ill., Miss., Mo., and Tenn. – bring the total number of major clean energy and clean vehicle projects tracked by E2 since the Inflation Reduction Act (IRA) was signed into law to 278.

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

“Make no doubt about it: The shift to electric vehicles is still going strong.  

“Battery and EV companies continue to invest and expand in America because they know that’s where the market for cars and trucks is going – as long as Washington doesn’t slam the brakes on this economic boom and go backward on game-changing policies like the IRA and federal clean vehicle standards.”

Among the projects announced in January was a $1.9 billion joint venture to build commercial truck batteries at a new factory in rural Marshall County, Mississippi. It is one of the biggest clean energy and clean vehicle announcements since the IRA was signed into law in August 2022. The project is expected to create 2,000 jobs with an average annual salary of $66,000 – about $20,000 more than the current average salary in the state – and represents the largest annual payroll commitment of any major company in Mississippi history, according to Republican Gov. Tate Reeves.

All four clean energy projects announced in January came in the manufacturing sector, which now accounts for more than 80 percent of all large-scale clean energy developments announced since the IRA.

In all, at least 278 major clean energy projects have been announced in 41 states and Puerto Rico since the IRA passed, according to E2’s analysis. Companies announced at least 97,000 new jobs and nearly $114 billion in capital investment in these projects. (These figures reflect ongoing revisions to previous months’ announcement totals).

A full map and list of announcement, including totals by state, sector, and industry type for all projects announced since E2 began tracking in August 2022, is available here.

January Highlights

• Manufacturing projects accounted for all four announcements.
• All four projects are in the battery and EV-related sectors, including two EV battery plants.
• received the largest announced investment, a $1.9 billion a partnership between Cummins’ EV division, Daimler Trucks & Buses, and PACCAR to build an EV battery plant estimated to create 2,000 jobs.

Detailed below is a list of clean energy announcements tracked by E2 in January. To view all announcements, including totals by state, sector, and industry type for all projects announced since E2 began tracking in August 2022, click here.

Clean Energy Works January 2024 | projects announced by date

Additional Resources:

• E2: Clean Economy Works Tracker
• E2: Benefits to Rural America from the Inflation Reduction Act: Driving Jobs, Investment, and Economic Resilience
• E2: Clean Jobs America 2023 | Interactive Jobs Map & Full Data Tables
• E2: Clean Economy Works | An Economic Impact Analysis of Major Clean Energy Projects Announced In Year One of the Inflation Reduction Act
• E2: Clean Economy Works | IRA One-Year Review

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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.