U.S. Treasury Secretary Janet Yellen touted clean energy investments on Wednesday at a Tennessee electric vehicle battery plant benefiting from tax incentives in President Joe Biden's signature climate legislation, adding that she supports Europe's plans for competing subsidies.
address Tuesday night that served as blueprint for an expected 2024 re-election bid, Biden said the act, passed only by his fellow Democrats last year, would help rebuild the U.S. manufacturing base. Biden also touted bipartisan infrastructure and semiconductor investment laws.The 2.8 million-square-foot , $2.6 billion Ultium Cells plant in Spring Hill, Tennessee, is set to begin production later this year, and is the second of three planned Ultium JV plants.
The Treasury drew the ire of Senate Energy Committee Chair Joe Manchin after the department said it would not issue proposed guidance on battery sourcing rules until March, effectively giving some EVs not meeting new requirements a few months of eligibility in 2023 before the rules take effect.
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