Post by
postie1 on Mar 16, 2023 10:19am
FYI
This is for the other $9 million that was handed out earlier. How much depends on battery capacity beginning at $35 so how much Zinc8 gets per battery depends on that formula. Does this mean"no prodution, no money"(make up your own mind on that)? And from that news release it seems like the site has been cleaned up and ready to be used (renovated to what the business requires).
Remember to DYDD and do not take advice anybody including me as to the best of my knowledge there is not a qualified person on this site or at least have identified themselves as such.
"Specifically, the Inflation Reduction Act includes a new clean manufacturing tax credit, the 45X Advanced Manufacturing Production Credit, that will greatly benefit companies like Zinc8. This production tax credit will provide an incentive to battery component manufacturers and critical mineral processors – the materials that go into batteries and many other clean energy technologies – to produce more of these components and refine more of these minerals here at home. The incentives are targeted to each component of the battery, and scale as the battery grows larger in capacity to receive a credit for making key parts of the battery. For example, every battery cell will receive a $35 credit that scales with the capacity of the battery. The credit runs at full value through 2029, and then begins to scale down in 2030 until it is phase out completely starting in 2032. The credit also incentivizes the domestic production of solar panels, wind turbines, and inverters – the technology needed to use these renewable technologies in our power grid. In addition to this new clean manufacturing tax credit, the Inflation Reduction Act includes $10 billion for a revamped version of the Advanced Energy Project Credit, which helps cover the upfront cost of retrofitting an existing facility to create eligible clean technologies – including batteries and critical minerals – or to build new facilities for the same purpose. Beyond direct manufacturing incentives, the Inflation Reduction Act invests in bringing down the cost of renewable electricity resources like wind and solar, which batteries, like the ones Zinc8 is committing to manufacturer in New York, are paired with to balance out any intermittency and provide consistent clean power to households and businesses."