Topline Findings (2025 At a Glance)
// Three dollars abandoned for every dollar announced: In 2025, clean energy cancellations and downsizes totaled $34.8 billion, nearly three times the $12.3 billion in new investment announced—producing a sharply negative return on clean energy investment activity.
// 38,031 manufacturing jobs eliminated | Project reversals and factory closures wiped out more clean energy jobs in 2025 than in all prior tracked years combined, resulting in a net loss of more than 15,000 jobs.
// $30.2 billion in manufacturing losses | Manufacturing facilities accounted for nearly all cancelled investment and job losses, underscoring the vulnerability of capital-intensive domestic clean energy supply chains.
// EV and battery projects dominated reversals | Electric vehicle and battery/storage projects alone accounted for more than $21 billion each in lost investment, driving the bulk of 2025’s cancellations.
// Economic impacts were national and bipartisan | Republican-held districts lost $19.9 billion and 24,500 jobs while Democratic-held districts lost $10.6 billion and 12,600 jobs. Major losses occurred in states that had previously led clean energy manufacturing growth, including Michigan, Illinois, Georgia, New York, and Arizona, saw large increases in canceled projects and jobs
// $5.1 Billion and 8,000 jobs cancelled in December | December drove one of the largest cancellation surges on record, with late-year EV and battery project reversals pushing 2025 investment losses to historic levels.
Introduction
This Clean Economy Works (CEW) analysis is part of E2’s ongoing monthly tracking of large-scale clean energy project announcements, cancellations, closures, and downsizes across the United States. This analysis monitors private-sector investment in clean energy manufacturing, generation, and grid infrastructure projects since federal energy tax credits were passed in August 2022. The tracking excludes projects that began, were proposed, sited, or in anyway began development prior to the federal Inflation Redution Act (IRA), as well as those funded entirely by federal sources or lacking specific geographic data. CEW measures key indicators including investment value, job creation or losses, project types (manufacturing, generation, research and development), and distribution by sector, state, and congressional district.
Beginning in 2025, CEW expanded its methodology to comprehensively track cancellations, closures, and downsizes dating back to August 2022, reflecting rising business uncertainty amid increasing policy attacks targeting clean energy industries culminating the rollback and restriction of key energy tax credits in mid-2025. Temporary delays and ownership transfers that do not reduce production capacity are excluded.
Together, the data provide a clear picture of a U.S. clean energy economy that entered 2025 with momentum—but exited the year facing mounting instability, record reversals, and eroding investor confidence.
Year-End Highlights
$34.8 Billion
investments abandoned
38,000
jobs cancelled
$12.3 Billion
investments announced
22,900
new jobs announced
Year-End 2025 Overview
At the end of 2025, the U.S. clean energy economy reached a clear inflection point. While companies continued to announce new investments—albeit fewer and with less capital per project that recent years—the pace and scale of cancellations, closures, and downsizes accelerated dramatically. The result was the largest annual reversal of clean energy investment since E2 began tracking in 2022.
The data show not simply a slowdown, but a fundamental imbalance: for the first time, project losses far outpaced project gains, particularly in manufacturing sectors that had driven much of the post-IRA investment surge. This imbalance was felt across regions, industries, and political boundaries.
Key findings from 2025 include:
- Nearly $3 abandoned for every $1 announced.
Companies cancelled, closed, or downsized $34.8 billion in clean energy projects in 2025—almost three times the $12.3 billion in new investment announced during the year. This 3-to-1 imbalance marks a stark shift from prior years, when new announcements consistently exceeded losses and drove net growth. - More than 38,000 clean energy jobs erased despite continued announcements.
Project reversals in 2025 eliminated38,031 jobs, outweighing the 22,905 jobs announced and resulting in a net loss of more than 15,000 expected clean energy jobs. No previous year tracked by E2 saw job losses on this scale, underscoring how quickly employment gains can evaporate when projects are abandoned. - Manufacturing accounted for nearly all investment and job losses.
Of the projects cancelled or downsized in 2025,manufacturing facilities alone accounted for more than $30 billion in lost investment and nearly 38,000 lost jobs. These capital-intensive projects—often tied to EVs, batteries, and grid equipment—proved especially vulnerable to shifts in market conditions and long-term policy uncertainty. - EV and battery projects drove the bulk of reversals across the supply chain.
Electric vehicle and battery/storage projects together representedmore than $21 billion each in lost investment, reflecting instability that rippled across domestic auto manufacturing, battery production, and related suppliers. Many cancellations overlapped categories, illustrating how disruptions in one part of the supply chain can cascade through others. - Losses were widespread and bipartisan, affecting communities nationwide.
Clean energy project reversals were not confined to any single region or political geography.Republican-held congressional districts lost $19.9 billion and more than 24,500 jobs, while Democratic-held districts lost $10.6 billion and more than 12,600 jobs, with additional losses in districts yet to be determined. Several states that had previously led clean energy growth—such as Michigan, Illinois, Georgia, New York, and Arizona—experienced some of the steepest reversals.
Together, these findings show that 2025 was not simply a year of slower growth, but a year in which policy and market uncertainty translated directly into lost investment, lost jobs, and stalled manufacturing capacity. The scale and
Cancellation Findings
Cancellations and downsizes accelerated dramatically in 2025, reaching levels not previously observed by E2’s tracking.
The 61 projects cancelled, closed, or downsized during the year represented $34.8 billion in abandoned investment and over 38,000 lost jobs. For comparison, investment losses totaled just over $1 billion in 2023 and $2.5 billion in 2024, highlighting how abruptly conditions deteriorated.
Manufacturing projects accounted for more than $30 billion in lost investment and nearly 38,000 lost jobs, reflecting the vulnerability of capital-intensive facilities that require long planning horizons and stable policy signals.
EV and battery/storage projects were particularly hard hit, together accounting for the majority of cancellations. These projects often anchor broader supply chains, meaning their cancellation reverberates across related manufacturers, suppliers, and communities.
December Cancellations
December also featured some of the largest and most consequential cancellations of the year, impacting multibillion-dollar EV and battery projects in Tennessee, Ohio, Michigan, and Kentucky. Several of these projects had been viewed as cornerstone investments for regional manufacturing growth, making their cancellation particularly disruptive for local economies and workforces.
More than $5 billion and nearly 8,000 jobs were lost from eight December cancellations, restructrings, and downsizes—making the month one of the hardest-hit in 2025.
- SK On (Tennessee):$2.8 billion battery/EV project cancelled, 3,300 jobs lost
- Ford (Ohio):$1.5 billion EV manufacturing project cancelled, 1,800 jobs lost
- Ford & CATL (Kentucky and Michigan):significant restructuring and downsizing totaling $500 million+ in reduced investment
- Mullen Automotive (multiple states):multiple closures and cancellations eliminating more than 1,000 jobs
Announcement Findings
Despite mounting uncertainty, companies continued to announce new clean energy projects in 2025, though at a significantly reduced pace compared to earlier years.
EV and battery storage continued to dominate new investments, accounting for nearly half of all investments announced and nearly 60 percent of announced jobs. Grid, transmission, and electrification projects led by project count, reflecting ongoing demand for grid upgrades and electrification infrastructure, while battery/storage, EV, and solar projects made up the majority of remaining large-scale projects launched in 2025.
Geographically, announcements were concentrated primarily in the Southeast and parts of the Midwest. States such as Texas, Tennessee, South Carolina, Kentucky, and North Carolina accounted for a disproportionate share of new activity, often tied to existing manufacturing footprints or incremental expansions rather than entirely new production hubs.
Compared with the surge in announcements seen in 2022 and 2023, however, 2025 activity reflected a more cautious posture, with companies committing smaller amounts of capital and fewer jobs.
December Announcements
December included several notable manufacturing commitments, including major battery and solar investments in Kentucky and Texas. $238 million and 3,060 jobs from across six new projects were announced in December.
- Ford & CATL (Kentucky):major battery manufacturing investment with more than 2,100 jobs
- Toyo Solar (Texas):$26.7 million solar manufacturing facility creating 750 jobs
- Anthro Energy (Kentucky):battery manufacturing expansion creating 110 jobs
State-Level Impacts
While clean energy cancellations occurred nationwide, several states experienced especially severe losses.
Michigan saw the largest overall impact, with 14 projects cancelled or downsized, resulting in $7.7 billion in lost investment and nearly 9,800 jobs eliminated. Other states with significant losses included Illinois, Georgia, New York, Arizona, and Ohio, many of which had previously ranked among the leaders in clean energy manufacturing growth.
- Michigan:14 projects; $7.7 billion lost; nearly 9,800 jobs
- Illinois:$3.3 billion lost; 2,655 jobs
- Georgia:$3.4 billion lost; 1,300+ jobs
- New York:$3.0 billion lost; 1,770 jobs
- Arizona:$1.75 billion lost; nearly 3,900 jobs
The concentration of losses in these states highlights the economic stakes for regions that had positioned themselves as clean energy manufacturing hubs and now face stalled projects and reduced employment prospects.
Congressional District Impacts
Cancellations and downsizes affected both Republican- and Democratic-held districts heavily in 2025:
- Republican districts:$19.9 billion lost; 24,500+ jobs
- Democratic districts:$10.6 billion lost; 12,600+ jobs
- Undetermined districts:nearly $4.0 billion lost
The data reinforce that clean energy investment volatility is not confined to any single region or political geography.
Conclusion
By the end of 2025, the U.S. clean energy economy crossed a clear and consequential threshold. For the first time since E2 began tracking, more clean energy investment left U.S. communities than came in. Companies abandoned, closed, or downsized nearly three dollars in clean energy investment for every one dollar newly announced, reversing the net flow of capital that had defined the post-2022 clean energy expansion.
This imbalance—$34.8 billion in cancelled or reduced investment compared with $12.3 billion in new announcements—was not simply the result of a slowdown in new projects, but of a surge in reversals among large, capital-intensive manufacturing facilities. These projects were expected to anchor domestic supply chains, create long-term jobs, and position U.S. communities as hubs for clean energy production. Instead, their cancellation left communities with fewer jobs, stranded infrastructure plans, and lost economic opportunity.
The implications extend beyond local impacts. Investment that no longer moves forward in the United States does not disappear—it is increasingly redirected to foreign markets and U.S. competitors offering more predictable policy environments, clearer incentives, and greater long-term certainty. As a result, 2025 marked not only a year of lost domestic investment, but a shift in where future clean energy manufacturing capacity is likely to be built.
The experience of 2025 demonstrates how quickly momentum can reverse when long-term signals weaken. Clean energy manufacturing investment depends on stability, scale, and confidence. When those conditions erode, capital moves—and once it does, communities, workers, and supply chains are left competing to win it back.
About this Analysis
Announcements
Projects that began development, were proposed, or applied for local and state approval before the passage of the Inflation Reduction Act (IRA) are not included. This analysis also does not include investments in which the federal government has provided financial resources for the complete project, lease sales, projects in which an announcement was made but lacked specific geographic information, etc. Details on projects came from news reports on new and related projects; press releases from companies announcing new developments; and government announcements.
Cancellations, Closures, Downsizes
This tracking includes all projects, plants, operations, or expansions that were cancelled or closed since passage of the IRA in August 2022. This does not include announced layoffs that are not associated with a project downsizing unless there is a stated decease in production output. This list also does not include the transfer of project ownership, if production will continue under the new ownership, power purchasing agreements, or other similar type of announcements. Project delays or idling of facilities are not included unless there in an announced decrease in production or investment or unless the project will need to be restarted to proceed in the future.
Tables detailing the large-scale clean energy project announcements and project cancellations, closures, and downsizes made since August 16, 2022 are below. **Tables are auto-updating and reflect the latest updates. To see the October 2025-specific tables, download the report above.**
Appendix A | Latest projects announced
Appendix B | Latest project abandonments
Appendix C | Projects announced by year 2022- 2025
Appendix D | Total projects abandoned by year 2022-2025
Appendix E | Total projects announced by sector; Jan. 2025 –
Appendix F | Total projects abandoned by sector; Jan. 2025 –
Appendix G | Total projects announced by type; Jan. 2025 –
Appendix H | Total projects abandoned by type; Jan. 2025 –
Appendix I | Total projects announced by congressional district; Jan. 2025 –
Appendix J | Total projects abandoned by congressional district; Jan. 2025 –
Appendix K | Total projects announced by state; Jan. 2025 –
Appendix L | Total projects abandoned by state; Jan. 2025 –
Tables
APPENDIX A
latest projects announced
| Date | Developer | State | Sector | Type | Investments | Jobs |
|---|---|---|---|---|---|---|
| 12/4 | Desert Mountain Energy | NM | Battery/Storage | Manufacturing | ||
| 12/12 | Anthro Energy | KY | Battery/Storage | Manufacturing | 110 | |
| 12/15 | Ford & Contemporary Amperex Technology | KY | Battery/Storage | Manufacturing | 2,100 | |
| 12/16 | Giga Energy | TX | Grid, Transmission and Electrification | Manufacturing | 100 | |
| 12/16 | Sanmina | TX | Grid, Transmission and Electrification | Manufacturing | ||
| 12/22 | Toyo Solar | TX | Solar | Manufacturing | 750 |
APPENDIX B
latest project abandonments
| Date | Developer | State | Update | Sector | Type | Investments Lost | Jobs Lost |
|---|---|---|---|---|---|---|---|
| 12/2/25 | Mullen Automotive | MS | EV | Manufacturing | 800 | ||
| 12/2/25 | Bollinger Motors | MI | EV | Manufacturing | 118 | ||
| 12/2/25 | Mullen Automotive | CA | Battery/Storage; EV | Manufacturing | 200 | ||
| 12/2/25 | Bollinger Motors | MI | EV | Manufacturing | 119 | ||
| 12/11/25 | SK On | TN | EV; Battery/Storage | Manufacturing | 3,300 | ||
| 12/15/25 | Ford | OH | EV | Manufacturing | 1,800 | ||
| 12/15/25 | Ford & Contemporary Amperex Technology | KY | EV; Battery/Storage | Manufacturing | 1,600 | ||
| 12/16/25 | Ford & Contemporary Amperex Technology | MI | EV; Battery/Storage | Manufacturing | 7,937 |
APPENDIX C
projects announced by year 2022- 2025
| Year | Projects | Investments | Jobs |
|---|---|---|---|
| 2022 | 70 | 41,269,500,000 | 28,831 |
| 2023 | 188 | 65,644,200,000 | 59,986 |
| 2024 | 85 | 15,863,729,000 | 18,820 |
| 2025 | 85 | 12,349,195,000 | 22,905 |
| Total | 428 | 135,126,624,000 | 130,542 |
APPENDIX D
projects abandoned by year 2022-2025
| Year | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| 2022 | 0 | 0 | 0 |
| 2023 | 10 | 1,019,000,000 | 2,122 |
| 2024 | 15 | 2,471,500,000 | 8,346 |
| 2025 | 61 | 34,764,800,000 | 38,031 |
| Total | 86 | 38,255,300,000 | 48,499 |
APPENDIX E
total projects announced by sector; Jan. 2025 —
| Sector | Projects | Investments | Jobs |
|---|---|---|---|
| Battery/Storage | 19 | 1,484,300,000 | 6,709 |
| Biofuel | 0 | 0 | 0 |
| Energy Efficiency | 0 | 0 | 0 |
| EV | 19 | 4,277,800,000 | 6,070 |
| Geothermal | 0 | 0 | 0 |
| Grid, Transmission and Electrification | 34 | 3,894,750,000 | 8,072 |
| Hydrogen | 4 | 1,901,300,000 | 89 |
| Semiconductor | 0 | 0 | 0 |
| Solar | 16 | 2,874,020,000 | 5,899 |
| Wind | 4 | 100,000,000 | 0 |
APPENDIX F
total projects abandoned by sector; Jan. 2025 —
| Sector | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| Battery/Storage | 31 | 21,135,000,000 | 21,479 |
| Biofuel | 0 | 0 | 0 |
| Energy Efficiency | 0 | 0 | 0 |
| EV | 35 | 21,632,800,000 | 27,190 |
| Geothermal | 0 | 0 | 0 |
| Grid, Transmission and Electrification | 1 | 150,000,000 | 600 |
| Hydrogen | 4 | 1,460,000,000 | 1,080 |
| Semiconductor | 0 | 0 | 0 |
| Solar | 5 | 2,200,000,000 | 1,300 |
| Wind | 2 | 1,300,000,000 | 100 |
APPENDIX G
total projects announced by type; Jan. 2025 —
| Type | Projects | Investments | Jobs |
|---|---|---|---|
| Generation | 7 | 2,388,000,000 | 0 |
| Manufacturing | 73 | 9,739,695,000 | 22,675 |
| Recycling, Repair, and Maintenance | 3 | 32,700,000 | 52 |
| R&D | 2 | 188,800,000 | 178 |
APPENDIX H
total projects abandoned by type; Jan. 2025 —
| Type | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| Generation | 5 | 4,520,000,000 | 130 |
| Manufacturing | 55 | 30,244,800,000 | 37,763 |
| Recycling, Repair, and Maintenance | 0 | 0 | 0 |
| R&D | 1 | 0 | 138 |
APPENDIX I
total projects announced by congressional district; Jan. 2025 —
| Party | Projects | Investments | Jobs |
|---|---|---|---|
| Republican | 52 | 5,738,775,000 | 16,532 |
| Democratic | 26 | 6,102,920,000 | 6,127 |
| Unknown | 7 | 250,550,000 | 246 |
APPENDIX J
total projects abandoned by congressional district; Jan. 2025 —
| Party | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| Republican | 29 | 19,852,500,000 | 24,519 |
| Democratic | 25 | 10,602,300,000 | 12,608 |
| Unknown | 7 | 3,990,000,000 | 904 |
APPENDIX K
total projects announced by state; Jan. 2025 —
| State | Projects | Investments | Jobs |
|---|---|---|---|
| Alabama | 1 | 1,200,000,000 | 200 |
| Arkansas | 1 | 0 | 25 |
| Arizona | 1 | 53,000,000 | 600 |
| California | 3 | 2,150,000,000 | 1,200 |
| Florida | 3 | 4,000,000 | 50 |
| Georgia | 6 | 421,000,000 | 2,100 |
| Illinois | 5 | 205,100,000 | 389 |
| Indiana | 1 | 363,000,000 | 2,000 |
| Kentucky | 4 | 1,995,500,000 | 2,310 |
| Louisiana | 1 | 8,500,000 | 29 |
| Michigan | 4 | 446,500,000 | 480 |
| Missouri | 2 | 150,000,000 | 291 |
| Mississippi | 4 | 276,950,000 | 650 |
| North Carolina | 7 | 579,300,000 | 1,008 |
| North Dakota | 1 | 0 | 0 |
| New Hampshire | 1 | 0 | 0 |
| New Jersey | 1 | 0 | 0 |
| New Mexico | 1 | 170,000,000 | 0 |
| New York | 2 | 10,000,000 | 19 |
| Ohio | 1 | 19,500,000 | 80 |
| Pennsylvania | 6 | 467,400,000 | 1,581 |
| South Carolina | 7 | 1,029,200,000 | 2,070 |
| Tennessee | 8 | 463,800,000 | 968 |
| Texas | 8 | 1,696,720,000 | 4,650 |
| Virginia | 5 | 519,725,000 | 1,745 |
| Wisconsin | 1 | 0 | 200 |
APPENDIX L
total projects abandoned by state; Jan. 2025 —
| State | Projects | Investment Lost | Jobs Lost |
|---|---|---|---|
| Alabama | 1 | 0 | 45 |
| Arizona | 5 | 1,750,000,000 | 3,895 |
| California | 3 | 2,203,500,000 | 338 |
| Colorado | 1 | 190,000,000 | 332 |
| Georgia | 3 | 2,932,000,000 | 1,077 |
| Illinois | 1 | 3,200,000,000 | 1,000 |
| Indiana | 2 | 2,443,000,000 | 1,740 |
| Kansas | 1 | 0 | 900 |
| Kentucky | 2 | 310,000,000 | 1,730 |
| Massachusetts | 2 | 370,000,000 | 100 |
| Michigan | 13 | 8,158,800,000 | 9,030 |
| Missouri | 1 | 574,000,000 | 150 |
| Mississippi | 2 | 836,000,000 | 2,800 |
| North Carolina | 1 | 1,400,000,000 | 1,062 |
| New York | 7 | 3,000,000,000 | 470 |
| Ohio | 3 | 2,260,000,000 | 3,870 |
| Oklahoma | 3 | 0 | 2,500 |
| Oregon | 1 | 0 | 418 |
| South Carolina | 3 | 1,700,000,000 | 1,520 |
| Tennessee | 3 | 2,952,500,000 | 4,190 |
| Washington | 2 | 15,000,000 | 264 |
| West Virginia | 1 | 150,000,000 | 600 |