Ballard Power Systems Awarded $54M Of Investment Tax Credits From IRS As Part Of The Qualifying Advanced Energy Project Tax Credit; Co. Plans To Use The Tax Credits To Support The Build-Out Of A New Fuel Cell Gigafactory In Rockwall, Texas
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Ballard Power Systems has been awarded $54M in investment tax credits by the IRS under the Qualifying Advanced Energy Project Tax Credit program. The company intends to use these credits to support the construction of a new fuel cell gigafactory in Rockwall, Texas.
April 01, 2024 | 12:39 pm
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Ballard Power Systems has received $54M in investment tax credits to aid in building a fuel cell gigafactory in Texas, indicating a significant boost in its manufacturing capabilities and commitment to clean energy.
The $54M in investment tax credits awarded to Ballard Power Systems by the IRS is a significant financial boost, likely to positively impact the company's stock price in the short term. This investment supports the company's expansion into clean energy production, a sector with growing investor interest. The construction of a new gigafactory in Texas not only increases Ballard's manufacturing capabilities but also aligns with broader industry and governmental support for sustainable energy solutions, potentially increasing investor confidence in Ballard's future growth.
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