Press Release: DMC Welcomes Inflation Reduction Act Inclusion of Advanced Manufacturing
- Thursday, 11 August 2022
11 August 2022 – The Inflation Reduction Act approved by the US Senate this week will lead to the direct investment of $369 billion in energy security and climate change programs over the next ten years. It is expected to go to the House of Representatives in the coming days.
The bill aims to reduce greenhouse gases by 40% below 2005 levels by 2030 and includes ambitious projects like putting a price on methane emissions, improving the energy efficiency of buildings and tackling issues like indoor air quality.
The bill is good news for advanced biofuels and clean energy technologies. Biochemicals companies may also be eligible to receive support under the Advanced Industrial Facilities Deployment Program which has $5.8 billion committed for advanced manufacturing and decarbonization.
The Advanced Industrial Facilities Deployment Program will invest in projects aimed at reducing emissions from energy-intensive industries, including the chemicals sector. It will support companies to purchase, install or implement advanced industrial technology, as well as to retrofit, upgrade or operationalize improvements to install or implement advanced industrial technology.
While fuels and clean energy are the main focus of the bill, bio-based chemicals impact our daily lives and have enormous potential to contribute to decarbonizing the US economy.
At DMC, we welcome this leadership to increase climate resiliency across communities in the US. As a company with advanced manufacturing technology which is both clean and economically-viable, we will be following closely to see how the program is rolled out.
Matt Lipscomb, Ph.D., CEO & Co-Founder of DMC said, “In addition to helping to decarbonize the chemicals industry, this support of advanced manufacturing companies will reduce our nation’s dependence on foreign suppliers and create new jobs in rural communities. This is a win-win-win for all Americans.”