The Infrastructure Investment and Jobs Act (IIJA) was created to allocate $1.2 trillion of federal funding for all infrastructure related projects. This not only includes transportation, but also for funding projects like high-speed internet, electric grid modernization, and an electric vehicle (EV) charging station network.
According to JD Supra, to date, more than half of the total $1.2 trillion funds has been authorized toward “traditional” infrastructure, leaving approximately $550 billion left to be applied toward additional projects, including expanding broadband distribution and advancing clean tech energy. Most of this money will be allocated through the states and individual departments of transportation.
Cleantech companies are paying attention to both the bill and its grant process, as more than $70 billion in funds is expected to be directly allocated for power and grid-related expenditures.
Various grants have been established for projects related to advancing energy storage, carbon capture, reclaimed mining, and regional clean hydro hubs. The bill also establishes an Office of Clean Energy Demonstrations in the Department of Energy (DOE) to oversee more than $20 billion that’s been set aside for energy technology demonstration projects alone. And with an emphasis on US-made products, the IIJA earmarks $6 billion over five years for the domestic processing and manufacturing of batteries to be used in energy storage applications.