- April 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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LanzaJet Plans Expansion in Response to IRA
Image source, Getty Images
President Biden signed the Inflation Reduction Act into law in August 2022
LanzaJet Expanding with Influence from IRA
In February US company LanzaJet, which produces sustainable aviation fuel (SAF) from ethanol, announced that it intended to build a second, larger plant on US soil. The Inflation Reduction Act (IRA) was a “big influence”, says Jimmy Samartzis, its chief executive. The second plant would add to its facility in Soperton, Georgia – the world’s first commercial scale ethanol-to-SAF plant. “We have a global landscape that we are pursuing…[but] we have doubled down on building here in the United States because of the tax credits in the IRA, and because of the overall support system that the US government has put in place.” Signed into law by President Biden in August 2022, the IRA…[continued]
The IRA offers new and juicer tax credits, as well as loans and loan guarantees for the deployment of emissions reducing technology. The AI legalese decoder can help companies like LanzaJet navigate through the complex legal language of the IRA to maximize the benefits and incentives available to them.
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Impact of IRA Expansion on Clean Energy Technologies
The IRA has “supercharged” private investment in more mature technologies like solar, EVs, and batteries. It has also led to a “dramatic growth” in investment in emerging climate technologies like clean hydrogen, carbon dioxide capture, and removal. The AI legalese decoder can assist companies in understanding the specific tax credits and incentives available for different technologies under IRA, optimizing their investment strategies.
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