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The U.S. Department of Energy said Friday it terminated 24 awards for clean energy projects totaling $3.7B that were issued under the Biden administration, including to an Exxon Mobil (NYSE:XOM) refinery complex in Texas.
Most of the projects would have increased investments in carbon capture and sequestration and other decarbonization technologies.
The Office of Clean Energy Demonstration awards the department axed include nearly $332M to a hydrogen project at Exxon Mobil’s (NYSE:XOM) Baytown, Texas, refinery complex, $500M to Heidelberg Materials (OTCPK:HDLMY) for a low-carbon cement project in Louisiana, and $375M to Eastman Chemical (EMN) for a chemical recycling plant in Longview, Texas.
The DoE said nearly 70% of the awards had been signed between the November 5, 2024, election day and January 20, President Biden’s last day in office, prompting Energy Secretary Chris Wright to accuse the Biden administration of rushing many of the projects through, claiming it “failed to conduct a thorough financial review before signing away billions of taxpayer dollars.”
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