The Biden administration is set to disclose the recipients of approximately $7 billion in federal funding for regional projects aimed at establishing hydrogen hubs, according to undisclosed sources. The development of hydrogen is considered crucial for achieving climate objectives, and the funding for these hubs is derived from the bipartisan infrastructure law passed in 2021.
The Importance of Hydrogen in Net-Zero Emissions Plans
The anticipated announcement regarding the hubs is expected to be made on Friday, coinciding with President Joe Biden's visit to Philadelphia. The President's trip to Pennsylvania, a pivotal swing state, will focus on discussing his Bidenomics agenda and its impact on job creation, infrastructure investment, the acceleration of transitioning to clean energy sources, and addressing the climate crisis, as stated by the White House.
Using Funding as a Political Tool
The process of distributing the $7 billion in funding has provided the Biden administration with unique leverage, enabling them to support allies in key states that could significantly influence the President's re-election campaign, according to a Reuters report.
Project Contenders for the Grants
Several projects are in contention for the grants, as reported by Bloomberg. These include a Shell PLC-affiliated initiative involving Pennsylvania and other states, a separate project associated with Plug Power Inc. and Rochester, N.Y., an undertaking supported by Amazon.com Inc., Air Products & Chemicals Inc., and California, and a West Virginia hub connected to natural gas producer EQT Corp.
Atlassian to Acquire Loom in $975 Million Deal
Related Articles
Japanese Audio Production Company, BloomZ, to Sell 1.25 Million Shares in IPO
Japanese audio production company, BloomZ, announces plans to sell 1.25 million shares in its IPO for $4 per share, aiming to generate $3.22 million. The funds...
Abaxx Technologies Raises $27 Million to Support Launch of Commodity Exchange Businesses
Abaxx Technologies raises $27 million to launch commodity exchange businesses with strategic partners CBOE Global Markets, TLW Trading, and Traxys.
UniVision Engineering Faces Petition
UniVision Engineering, a supplier of CCTV and surveillance systems, is facing a petition to wind up the company over outstanding debts. Despite this, the compan...