April 19 (Reuters) - Albemarle, Cummins

and Siemens Energy are some companies that received

tax credit under a section of the Inflation Reduction Act (IRA),

according to details released on Friday by the U.S. Department

of Energy (DOE).

Thirty five projects, focused on electrical grid

enhancements, critical minerals, and electric vehicle

components, among others, got a total of $1.93 billion in tax

credits.

CONTEXT:

U.S. President Joe Biden signed the landmark $430-billion

IRA into law in 2022. In March, $4 billion in tax credits were

announced to over 100 projects to accelerate clean energy

manufacturing under the Qualifying Advanced Energy Project Tax

Credit (48C).

These credits would provide up to 30% of the investment

costs provided they meet U.S. wage and apprenticeship

requirements.

WHY IT'S IMPORTANT:

Renewable and clean energy are key to meeting the climate

goals set at the 2015 UN Climate Change Conference in Paris

aimed at limiting global warming.

Soaring financing and materials costs, coupled with a slow

permitting process, have weighed on clean energy projects.

While U.S. investment in wind and solar power plants hit

record levels last year, the dramatic rate of expansion still

fell short of the level needed to meet the nation's climate

change goals.

BY THE NUMBERS:

Albemarle is to receive $9.4 million in credits to

support the company's lithium carbonate production at its Silver

Peak Lithium Project facility in Nevada.

Cummins gets $10.6 million in credits for

large-scale proton-exchange membrane electrolyzer manufacturing

and testing at its Fridley, Minnesota plant.

Siemens Energy received $18.3 million in credits

to build its first Large Power Transformer (LPT) manufacturing

facility in the United States.

Other companies that previously reported credits under the

program are MP Materials ( MP ) and Ballard Power Systems ( BLDP )

.