Clean Energy Projects Surge in May, Bringing $950 Million in Investments and 1,300 New Jobs
In May, the clean energy sector saw a notable increase in major project announcements, rising by 37% compared to previous months. According to E2's monthly report, 11 new large-scale clean energy projects were announced, which are expected to create 1,300 new jobs and involve investments totaling $950 million.
Since the Inflation Reduction Act (IRA) was signed into law in August 2022, a total of 316 major clean energy projects have been announced. These projects represent over $124 billion in capital investment and the creation of at least 106,776 new jobs.
The announcements in May 2024 mark a significant increase in activity for the year. Among the major investments is a $550 million green hydrogen production facility in Arizona and a $193 million manufacturing hub in Georgia, which will employ 242 new workers to produce parts for companies such as QCells and Tesla.
The projects are distributed across various political districts. Six of the 11 projects will be located in districts represented by Republican lawmakers. Since the passage of the IRA, a majority of major clean energy projects and investments have been located in districts held by Republican representatives.
The manufacturing industry received the most new projects in May, followed by generation projects. North Carolina became the fifth state with over 20 new clean energy projects announced since the IRA's enactment. The solar energy sector also saw significant activity, with five new projects announced in May.
E2 Communications Director Michael Timberlake said, “Despite rising market uncertainty amid growing threats from lawmakers, America’s clean energy economy showed once again why it is an economic powerhouse that continues to attract investment from across the globe.”
Detailed below is a list of clean energy announcements tracked by E2 in May along with totals by state, sector, industry type, and congressional district for all projects announced since E2 began tracking in August 2022.
Clean Energy Works May 2024 | projects announced by date
|
Date |
Company/Org |
State |
Source |
Sector |
Type |
Jobs |
Investment |
|
5/1 |
Southern Power |
MD |
Solar |
Generation |
|
|
|
|
5/1 |
SunMax Tech |
NY |
Solar |
Manufacturing |
242 |
$193,000,000 |
|
|
5/2 |
Medline & PowerFlex |
TN |
Solar |
Generation |
|
$2,370,000 |
|
|
5/2 |
Green New Energy Materials |
OR |
Battery/Storage |
Manufacturing |
545 |
$140,000,000 |
|
|
5/3 |
Fortescue |
UT |
Hydrogen |
Generation |
40 |
$550,000,000 |
|
|
5/7 |
Worksport Ltd. |
AZ |
Solar |
Manufacturing |
280 |
$6,000,000 |
|
|
5/7 |
Columbia Vehicle Group |
TX |
EV |
Manufacturing |
180 |
$12,000,000 |
|
|
5/9 |
LHP Engineering Solutions |
NC |
EV |
R&D |
35 |
$3,600,000 |
|
|
5/13 |
Silicon Ranch |
MI |
Solar |
Generation |
|
|
|
|
5/13 |
Daimler |
SC |
EV |
R&D |
|
$43,000,000 |
|
|
5/15 |
Ionic MT |
GA |
Battery/Storage |
Manufacturing |
|
|
Clean Energy Works | total projects announced by state Aug. 2022-May 2024
|
State |
Projects |
Jobs |
Investments |
|
Alabama |
7 |
1,420 |
$1,613,000,000 |
|
Arkansas |
2 |
500 |
$250,000,000 |
|
Arizona |
10 |
2,370 |
$6,451,000,000 |
|
California |
13 |
160 |
$1,600,000,000 |
|
Colorado |
7 |
2,382 |
$880,000,000 |
|
Connecticut |
4 |
100 |
$24,800,000 |
|
Florida |
2 |
250 |
$72,000,000 |
|
Georgia |
28 |
15,723 |
$15,279,500,000 |
|
Iowa |
2 |
0 |
N/A |
|
Illinois |
7 |
2,719 |
$2,563,500,000 |
|
Indiana |
11 |
4,562 |
$7,816,000,000 |
|
Kansas |
3 |
180 |
$110,000,000 |
|
Kentucky |
8 |
1,149 |
$1,958,400,000 |
|
Louisiana |
5 |
1,039 |
$1,713,500,000 |
|
Massachusetts |
6 |
1,041 |
$45,700,000 |
|
Maryland |
3 |
205 |
$16,370,000 |
|
Maine |
1 |
200 |
$6,000,000 |
|
Michigan |
30 |
12,205 |
$11,690,300,000 |
|
Minnesota |
4 |
700 |
$155,000,000 |
|
Missouri |
2 |
300 |
$100,000,000 |
|
Mississippi |
3 |
2,340 |
$2,015,000,000 |
|
North Carolina |
20 |
10,321 |
$19,664,459,000 |
|
Nebraska |
1 |
0 |
N/A |
|
New Hampshire |
1 |
0 |
$16,300,000 |
|
New Mexico |
6 |
2,542 |
$1,243,000,000 |
|
Nevada |
6 |
5,250 |
$6,600,000,000 |
|
New York |
13 |
3,079 |
$791,000,000 |
|
Ohio |
18 |
4,854 |
$7,073,800,000 |
|
Oklahoma |
6 |
1,490 |
$3,650,000,000 |
|
Oregon |
2 |
0 |
$43,000,000 |
|
Pennsylvania |
2 |
157 |
$116,100,000 |
|
Puerto Rico |
1 |
800 |
N/A |
|
Rhode Island |
1 |
0 |
N/A |
|
South Carolina |
25 |
13,769 |
$14,408,900,000 |
|
Tennessee |
16 |
4,735 |
$5,283,700,000 |
|
Texas |
22 |
8,811 |
$7,769,000,000 |
|
Utah |
3 |
0 |
$1,000,000,000 |
|
Virginia |
4 |
299 |
$445,500,000 |
|
Vermont |
1 |
12 |
N/A |
|
Wisconsin |
6 |
262 |
$242,000,000 |
|
West Virginia |
4 |
850 |
$1,335,000,000 |
Clean Energy Works | total projects announced by sector Aug. 2022-May 2024
|
Sector |
Projects |
Jobs |
Investment |
|
Battery/Storage |
70 |
24,491 |
$41,510,400,000 |
|
Biofuel |
1 |
40 |
$0 |
|
Energy Efficiency |
1 |
200 |
$6,000,000 |
|
EV |
145 |
61,338 |
$81,286,300,000 |
|
Geothermal |
1 |
0 |
$0 |
|
Grid, Transmission and Electrification |
16 |
2,348 |
$1,809,859,000 |
|
Hydrogen |
18 |
3,528 |
$6,092,800,000 |
|
Semiconductor |
2 |
1,970 |
$5,375,000,000 |
|
Solar |
74 |
25,679 |
$14,024,370,000 |
|
Wind |
20 |
2,694 |
$2,952,500,000 |
*totals will not match overall figures as some projects are categorized into multiple sectors
Clean Energy Works | total projects announced by type Aug. 2022-May 2024
|
Type |
Projects |
Jobs |
Investment |
|
Generation |
41 |
3,784 |
$9,167,370,000 |
|
Manufacturing |
259 |
102,197 |
$114,303,859,000 |
|
R&D |
12 |
645 |
$499,600,000 |
|
Recycling |
4 |
150 |
$71,000,000 |
Clean Energy Works | total projects announced by congressional district Aug. 2022-May 2024
|
Party |
Projects |
Announced Jobs |
Announced Investments |
|
Republican |
177 |
72,806 |
$105,889,470,000 |
|
Democratic |
98 |
26,098 |
$15,366,400,000 |
|
Unknown |
41 |
7,872 |
$2,785,959,000 |
About the Author
E2
E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. E2’s more than 10,000 members and supporters work and do business in every state in the country, coming from diverse business backgrounds ranging from clean energy and clean tech to real estate and finance and beyond.
Our members have been involved in the financing, founding or development of more than 2,500 companies that have created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital.
Our supporters sign dozens of letters to lawmakers and government leaders, submit numerous comments to new federal rulemaking, attend the many E2 events in chapters across the country, and support our policy efforts on social media and in their business circles.