Feb. projects to invest $4 billion, create at least 4,400 jobs,

WASHINGTON – More than 100,000 jobs—including 97,000 in manufacturing—have been announced as part of major new clean energy and clean vehicle projects since the Inflation Reduction Act (IRA) was signed into law after businesses announced 14 new large-scale projects in February, according to the monthly tally of private-sector announcements from E2. The new projects – which are expected to create at least 4,400 new jobs and invest $4 billion across 11 states – bring the total number of major clean energy and clean vehicle projects tracked by E2 to 292.

February’s analysis comes as hundreds of clean energy CEOs and executives from across the U.S. come to Washington to hear from industry thought leaders, meet with members of Congress and the Biden administration, and connect at in-person events.

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

“If it wasn’t clear before, it is now. Lawmakers in Washington would be foolish to extinguish the IRA and its economic spark fueling America’s next great economic expansion. The clean energy transition is creating thousands of jobs and billions in economic growth for both rural and urban workers, blue states and red states, and every region in the U.S.”

Among the projects announced in February was a $1.3 billion investment by Toyota for electric vehicle production at its Georgetown plant in Kentucky and a $900 million investment by Corning Inc. to build a manufacturing plant for solar parts in Michigan.

In all, at least 292 major clean energy projects have been announced in 41 states and Puerto Rico since the IRA passed, according to E2’s analysis. In those announcements, companies have also announced at least 102,000 new jobs and nearly $118 billion in capital investment for these projects. These figures reflect ongoing revisions to previous months’ announcement totals.

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

February Highlights

  • Manufacturing projects accounted for 11 of the 14 announcements.
  • Michigan led all states with three announcements followed by North Carolina with two. 26 projects overall have been announced in Michigan while North Carolina is home to 18 and the most total investments ($19.2B).
  • Nine of the 14 projects are in the battery/storage and EV sectors, including multiple EV battery plants.
  • Four projects were in the solar energy sector, including two large-scale generation projects.
  • Six projects will be located in congressional districts held by Republicans while three are in Democratic-controlled districts (five are still yet to be determined).

Detailed below is a list of clean energy announcements tracked by E2 in February along with totals by state, sector, industry type, and congressional district for all projects announced since E2 began tracking in August 2022.

Clean Energy Works February 2024 | projects announced by date

Date Developer State Source Sector Type Announced Jobs Announced Investment
2/6 Toyota KY Link EV
Battery/Storage
Manufacturing $1,300,000,000
2/7 Sunflower Electric Power Corporation KS Link Solar Generation
2/13 Siemens NC Link Grid, Transmission and Electrification Manufacturing 475 $149,859,000
2/14 EnerSys SC Link Battery and Storage Manufacturing 500 $500,000,000
2/15 SolarCycle GA Link Solar Manufacturing 600 $344,000,000
2/16 Jing-Jin Electric North America MI Link EV Manufacturing 100 $16,500,000
2/20 EPCOR SynerGen NM Link Solar Generation
2/21 Shoals Technologies TN Link Solar
Battery/Storage
Manufacturing 550 $80,000,000
2/23 Energy Hardware NY Link Wind Manufacturing 20
2/23 Lucid MI Link EV R&D 250 $10,000,000
2/26 Schaeffler OH Link EV Manufacturing 650 $230,000,000
2/26 Fujihatsu & Toyotsu Battery Components NC Link EV
Battery/Storage
Manufacturing 133 $60,000,000
2/27 Corning MI Link Solar Manufacturing 1,100 $900,000,000
2/29 UBE C1 Chemicals America, Inc. LA Link Battery/Storage
EV
Manufacturing 56 $500,000,000

Clean Energy Works | total projects announced by state Aug. 2022-Feb.2024

State Projects Announced Jobs Announced Investments
Alabama 6 1,350 $1,603,000,000
Arkansas 2 500 $250,000,000
Arizona 9 2,330 $5,901,000,000
California 13 160 $1,600,000,000
Colorado 7 2,382 $880,000,000
Connecticut 4 100 $24,800,000
Florida 2 250 $72,000,000
Georgia 27 15,481 $15,086,500,000
Iowa 2 0 $0
Illinois 7 2,719 $2,563,500,000
Indiana 10 4,222 $6,416,000,000
Kansas 2 0 $0
Kentucky 8 1,149 $1,958,400,000
Louisiana 5 1,039 $1,713,500,000
Massachusetts 6 1,041 $45,700,000
Maryland 1 145 $14,000,000
Maine 1 200 $6,000,000
Michigan 26 11,807 $11,635,600,000
Minnesota 4 700 $155,000,000
Missouri 2 300 $100,000,000
Mississippi 3 2,340 $2,015,000,000
North Carolina 18 8,868 $19,230,459,000
Nebraska 1 0 $0
New Hampshire 1 0 $16,300,000
New Mexico 6 2,542 $1,243,000,000
Nevada 6 5,250 $6,600,000,000
New York 11 2,759 $783,000,000
Ohio 17 4,694 $6,638,800,000
Oklahoma 6 1,490 $3,650,000,000
Oregon 1 0 $0
Pennsylvania 2 157 $116,100,000
Puerto Rico 1 800 $0
Rhode Island 1 0 $0
South Carolina 23 12,509 $12,896,900,000
Tennessee 15 4,735 $5,283,700,000
Texas 21 8,811 $7,769,000,000
Utah 1 0 $0
Virginia 3 149 $45,500,000
Vermont 1 12 $0
Wisconsin 6 262 $242,000,000
West Virginia 4 850 $1,335,000,000

 

Clean Energy Works | total projects announced by sector Aug. 2022-Feb.2024

Sector Projects Announced Jobs Announced Investment
Battery / Storage 63 22,486 $37,823,400,000
Biofuel 1 40 $0
Energy Efficiency 1 200 $6,000,000
EV 136 59,280 $78,276,600,000
Geothermal 1 0 $0
Grid / Transmission / Electrification 16 2,348 $1,809,859,000
Hydrogen 16 3,338 $5,142,800,000
Semiconductor 2 1,970 $5,375,000,000
Solar 67 24,179 $13,519,000,000
Wind 20 2,674 $2,952,500,000

*totals will not match overall figures as some projects are categorized into multiple sectors

 

Clean Energy Works | total projects announced by type Aug. 2022-Feb.2024

Industry Type Projects Announced Jobs Announced Investment
Generation 36 3,744 $7,615,000,000
Manufacturing 243 97,639 $109,752,759,000
Recycling 4 150 $71,000,000
R&D 9 570 $451,000,000

Clean Energy Works | total projects announced by congressional district Aug. 2022-Feb.2024

Party Projects Announced Jobs Announced Investments
Republican 164 69,878 $100,783,000,000
Democratic 89 22,402 $13,156,800,000
Unknown 39 8,786 $3,949,959,000

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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