Ballard Power Systems Awarded $54 Mln In Tax Credits - Quick Facts

(RTTNews) - Ballard Power Systems (BLDP, BLDP.TO) announced it has been awarded $54 million of investment tax credits from the U.S. Internal Revenue Service as part of the Qualifying Advanced Energy Project Tax Credit, 48C, funded by the Inflation Reduction Act. The company plans to use the $54 million in tax credits to support the build-out of a new fuel cell Gigafactory in Rockwall, Texas.

Randy MacEwen, Ballard's President & Chief Executive Officer, said: "This award of $54 million in tax credits, combined with our previously announced award of $40 million in U.S. Department of Energy grants, provide Ballard with a total of $94 million of U.S. federal funding to support the build-out of our Rockwall Gigafactory."