tiprankstipranks
Trending News
More News >

Energy Department cancels $3.7B of clean energy awards

U.S. Secretary of Energy Chris Wright announced the termination of 24 awards issued by the Office of Clean Energy Demonstrations totaling over $3.7B in taxpayer-funded financial assistance. “After a thorough and individualized financial review of each award, DOE found that these projects failed to advance the energy needs of the American people, were not economically viable and would not generate a positive return on investment of taxpayer dollars,” Wright said in a statement. Among the canceled awards, according to a list provided to Bloomberg by the Energy Department, was $331M to Exxon Mobil (XOM) for a hydrogen project at the company’s Baytown, Texas, refinery, $170M to Kraft Heinz (KHC) for a series of clean energy projects; and $500M to Heidelberg Materials (HLBZF) (HLZBF) for a low-carbon cement project.

Confident Investing Starts Here:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & Disclosure

Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.

Report an Issue