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Clean Energy Projects Surge Bringing $950 Million in Investment and 1,300 New Jobs

In May, the clean energy sector experienced a significant surge in major project announcements, increasing by 37% compared to previous months. According to E2’s monthly report, 11 new large-scale clean energy projects were announced, expected to create 1,300 new jobs and involve investments totaling $950 million.

Since the Inflation Reduction Act (IRA) was enacted in August 2022, a total of 316 major clean energy projects have been announced, representing over $124 billion in capital investment and the creation of at least 106,776 new jobs.

May 2024 marked a notable increase in activity for the year. Among the major investments were 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 spread across various political districts, with six of the 11 projects located in districts represented by Republican lawmakers. Since the IRA’s passage, the majority of major clean energy projects and investments have been situated in districts held by Republican representatives.

The manufacturing industry saw the highest number of 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 commented, “Despite rising market uncertainty amid growing threats from lawmakers, America’s clean energy economy demonstrated once again why it is an economic powerhouse that continues to attract investment from across the globe.”

A detailed 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, is available.

Clean Energy Works May 2024 | Projects Announced by Date

4o

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

2 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.

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