In a banner week for private sector investments, NJR Clean Energy Ventures completed the largest floating solar farm in North America, Clean Vision Corp is building a West Virginia facility expected to bring in capital investments of over $50 million to the state in the next three years, and CleanCapital secured $500 million and LightSource BP completed a  a $460 million financing package – both towards solar power construction. General Motors reached $1 billion in investments for EV battery production in North America, and thanks to tax incentives from the Inflation Reduction Act, Tesla’s Model 3 EV will now be cheaper than a Toyota Camry. 

Data from a Solar Energy Industries Association (SEIA) report showcased US solar industry expansion, with domestic capacity increasing by 47% since last year.The International Energy Agency (IEA) released an analysis that projects investments in energy efficiency to rise another 50% according to policies. The Center for American Progress (CAP) found that proposed conservation leasing policies could expand domestic clean energy opportunities while benefiting taxpayers and addressing restoration needs. 

The Biden Administration continues to celebrate clean energy incentives from the Inflation Reduction Act, protected under the debt deal passed last week. The Department of Energy (DOE) announced $80 million in grant funding to expand domestic manufacturing,  improving energy efficiency. The DOE also announced the first US clean hydrogen strategy to accelerate the sector’s expansion, which is projected to create 100,000 net new direct and indirect jobs by 2023. The White House launched an online platform highlighting public and private investments in clean energy. The Bureau of Land Management (BLM) announced the start of construction on a renewable energy battery storage facility in the California desert, which will provide up to 300 MW of additional storage capacity and increase clean energy reliability amid worries around summer electricity blackouts.

The first new U.S. nuclear reactor in more than 40 years is now up and running in Georgia. This reactor is expected to reduce the state’s carbon emissions from electricity generation by 5 to 10 percent.  On the opposite side, new data from the California Energy Commission reveals the state has increased its battery storage twentyfold since 2019. This unique storage is essential to support California’s electrical grid. In Wisconsin, Realta Fusion Inc. was awarded $12 million to develop fusion energy technology for industrial heat and power, and in Oregon, Talent Middle, and Elementary schools received a $1 million grant to install solar panels.

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