Companies Launch 11 Large-Scale Clean Energy Projects; New Projects Announced in 2024 Jumps to 41

WASHINGTON – Companies announced 11 new large-scale clean energy projects last month that are expected to employ at least 1,300 new workers and invest $950 million, according to the monthly tally of private-sector announcements from E2. The 11 new projects announced in May brings the total number of new major projects announced across the renewable energy, battery storage, transmission and grid, electric vehicle and other clean energy industries to 316 since the Inflation Reduction Act (IRA) was signed into law in August 2022.

May’s announcements signal a significant increase in new projects after March and April, with total projects announced in 2024 jumping 37 percent after last month. Forty-one new major projects have now been announced so far in 2024.

Following is a statement from MICHAEL TIMBERLAKE, E2 COMMUNICATIONS DIRECTOR:

“Despite rising market uncertainty amid growing threats from lawmakers, America’s clean energy economy showed once again why it is an economic powerhouse that continues to attract investment from across the globe.”

Among the projects announced in May was a $550 million investment for a green hydrogen production facility in Arizona and a $193 million investment in Georgia to build a 300,000 square-foot manufacturing hub that will hire 242 new workers to build parts for clean energy companies including QCells and Tesla. Three project announcements included no investment estimates, and five projects included no job estimates.

Six of the 11 projects announced will be in congressional districts represented by Republicans compared to just one project in Democratic-held districts (districts of the four other projects are yet to be determined). Since the IRA passed, 56 percent of major clean energy projects announced have been in GOP-held districts and 85 percent of total investments announced have been for projects announced in GOP-held districts.

In all, at least 316 major clean energy projects have been announced in 40 states and Puerto Rico since the IRA passed, according to E2’s analysis. In those announcements, companies have also announced at least 106,776 new jobs and over $124 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/.

Other May Highlights

  • Manufacturing industry received the most projects (5), followed by generation (4).
  • North Carolina becomes the fifth state with more than 20 new clean energy projects announced since the IRA.
  • The solar energy sector received the most new announcements with five.

Detailed below is a list of clean energy announcements tracked by E2 in May 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 May 2024 | projects announced by date

Date Company/Org State Source Sector Type Jobs Investment
5/1 Southern Power TX Link Solar Generation
5/1 SunMax Tech GA Link Solar Manufacturing 242 $193,000,000
5/2 Medline & PowerFlex MD Link Solar Generation $2,370,000
5/2 Green New Energy Materials NC Link Battery/Storage Manufacturing 545 $140,000,000
5/3 Fortescue AZ Link Hydrogen Generation 40 $550,000,000
5/7 Worksport Ltd. NY Link Solar Manufacturing 280 $6,000,000
5/7 Columbia Vehicle Group SC Link EV Manufacturing 180 $12,000,000
5/9 LHP Engineering Solutions MI Link EV R&D 35 $3,600,000
5/13 Silicon Ranch TN Link Solar Generation
5/13 Daimler OR Link EV R&D $43,000,000
5/15 Ionic MT UT Link Battery/Storage Manufacturing

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

State Projects Jobs Investments
Alabama 7 1,420 $1,613,000,000
Arkansas 2 500 $250,000,000
Arizona 10 2,370 $6,451,000,000
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 28 15,723 $15,279,500,000
Iowa 2 0 N/A
Illinois 7 2,719 $2,563,500,000
Indiana 11 4,562 $7,816,000,000
Kansas 3 180 $110,000,000
Kentucky 8 1,149 $1,958,400,000
Louisiana 5 1,039 $1,713,500,000
Massachusetts 6 1,041 $45,700,000
Maryland 3 205 $16,370,000
Maine 1 200 $6,000,000
Michigan 30 12,205 $11,690,300,000
Minnesota 4 700 $155,000,000
Missouri 2 300 $100,000,000
Mississippi 3 2,340 $2,015,000,000
North Carolina 20 10,321 $19,664,459,000
Nebraska 1 0 N/A
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 13 3,079 $791,000,000
Ohio 18 4,854 $7,073,800,000
Oklahoma 6 1,490 $3,650,000,000
Oregon 2 0 $43,000,000
Pennsylvania 2 157 $116,100,000
Puerto Rico 1 800 N/A
Rhode Island 1 0 N/A
South Carolina 25 13,769 $14,408,900,000
Tennessee 16 4,735 $5,283,700,000
Texas 22 8,811 $7,769,000,000
Utah 3 0 $1,000,000,000
Virginia 4 299 $445,500,000
Vermont 1 12 N/A
Wisconsin 6 262 $242,000,000
West Virginia 4 850 $1,335,000,000

 

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

Sector Projects Jobs Investment
Battery/Storage 70 24,491 $41,510,400,000
Biofuel 1 40 $0
Energy Efficiency 1 200 $6,000,000
EV 145 61,338 $81,286,300,000
Geothermal 1 0 $0
Grid, Transmission and Electrification 16 2,348 $1,809,859,000
Hydrogen 18 3,528 $6,092,800,000
Semiconductor 2 1,970 $5,375,000,000
Solar 74 25,679 $14,024,370,000
Wind 20 2,694 $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-May 2024

Type Projects Jobs Investment
Generation 41 3,784 $9,167,370,000
Manufacturing 259 102,197 $114,303,859,000
R&D 12 645 $499,600,000
Recycling 4 150 $71,000,000

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

Party Projects Announced Jobs Announced Investments
Republican 177 72,806 $105,889,470,000
Democratic 98 26,098 $15,366,400,000
Unknown 41 7,872 $2,785,959,000

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.

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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