It’s been two years since President Joe Biden signed the landmark Inflation Reduction Act into law.
The sweeping legislation is a key tenet of the Biden administration’s plan to usher in a new age of clean energy manufacturing in the U.S. through a bevy of federal grants, tax credits and other incentives meant to entice companies to invest in domestic production.
Since the law’s passage, companies have announced 334 IRA-related projects across 40 states, according to the environmental group E2, which tracks clean energy investment data. The projects are worth a total of at least $126 billion, spurring the creation of at least 109,000 jobs.
With Biden’s term coming to a close, however, the future of the IRA could be in flux. Republican nominee and former President Donald Trump has criticized hefty clean energy tax credits, making some manufacturing executives wonder if he would roll back the IRA’s incentives.
This uncertainty comes as many of the IRA-related projects are still in the construction process and hoping to leverage the law’s tax credits, and as the Energy Department continues to dole out loans to manufacturers for future facilities.
Read on for some of the biggest IRA manufacturing news from the past year, including Manufacturing Dive’s monthly tracker analyzing investments spurred by the law.