Ballard Power Systems has secured a significant investment through the Qualifying Advanced Energy Project Tax Credit (48C) program, administered by the U.S. Internal Revenue Service.
This $54 million funding injection is earmarked for the construction of a cutting-edge fuel cell Gigafactory in Rockwall, Texas, marking a pivotal step toward advancing clean energy manufacturing in the United States.
The 48C program, funded under the Inflation Reduction Act, aims to bolster domestic clean energy supply chains by providing 30% investment tax credits for select clean energy manufacturing projects. Ballard’s ambitious plan to leverage these tax credits underscores its commitment to accelerating the transition toward secure and resilient clean energy solutions.
Randy MacEwen, President and CEO of Ballard Power Systems, articulated the company’s strategic vision, emphasizing the alignment with key industry trends such as decarbonization, energy security, and technological innovation. Against the backdrop of evolving policy landscapes and growing customer demand for zero-emission solutions, Ballard is poised to capitalize on emerging opportunities in the clean energy sector.
MacEwen underscored the importance of demonstrating a clear pathway to high-volume production at competitive costs, essential for facilitating the transition from pilot projects to large-scale deployments. The infusion of $54 million in tax credits, coupled with $40 million in U.S. Department of Energy grants, positions Ballard to ramp up production capacity and meet escalating market demand.
The proposed Ballard Rockwall Giga 1 facility, slated to occupy 22 acres within the Rockwall Technology Park, represents a strategic investment in advanced manufacturing capabilities. Phase I of the project entails an estimated investment of $110 million, focusing on the construction of a state-of-the-art manufacturing facility for membrane electrode assemblies (MEAs), bipolar plates, stacks, and engines.
By leveraging technology innovation, supply chain collaboration, and advanced automation, Ballard aims to drive down costs while enhancing product performance and scalability.
