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Energy Department offers $6B to decarbonize industrial

Dive Brief:

  • The Department of Energy will dole out $6.3 billion in funding to accelerate decarbonization projects in the country’s top polluting manufacturing sectors.
  • Grants will be awarded to early-stage commercial scale projects in industries including iron and steel, chemicals and refining, and food and beverage, the department announced on Wednesday. 
  • The department’s newly created Industrial Demonstrations Program will fund up to 50% the cost of each project. 

Dive Insight:

The announcement is part of the Biden administration’s effort to reduce emissions in the industrial sector, which make up nearly a quarter of the U.S.’s carbon footprint. 

“Today’s announcement is yet another exciting step in the race to fully decarbonize our heavy industries … while ensuring America’s manufacturing sector stays strong and competitive,” U.S. Secretary of Energy Jennifer M. Granholm said in a statement. 

The Department of Energy has supported a slew of clean energy and manufacturing projects over the past year, thanks to billions of dollars in funding made available through the Bipartisan Infrastructure Law and Inflation Reduction Act. 

Funding for the Industrial Demonstrations Program draws on $430 million from the Bipartisan Infrastructure Law and $5.46 billion from the Inflation Reduction Act, according to the department. 

The two laws also contributed to the department offering $2.8 billion in funding for EV battery manufacturing last fall. The funds are part of a total $7 billion in federal money slated to help develop a domestic battery supply chain, as the country pushes towards widespread renewable energy adoption.

The department is also starting to support projects to improve the sustainability of the EV manufacturing process amid the green transition. It recently awarded a $375 million loan to battery recycler Li-Cycle for a metal recovery facility using a less energy-intense process.