12:14 PM EDT, 03/25/2024 (MT Newswires) -- O-I Glass ( OI ) said Monday that it has been picked by the US Department of Energy's Office of Clean Energy Demonstrations for potential funding of up to $125 million for a glass furnace decarbonization project.

The company said it aims to rebuild four furnaces at its facilities in California, Ohio, and Virginia to cut carbon dioxide emissions by an average of 40%.

The O-I decarbonization project is one of 33 projects chosen from over 20 states to receive up to $6 billion in funding as part of the industrial demonstrations program under the Bipartisan Infrastructure Law and Inflation Reduction Act, O-I Glass ( OI ) said.

The company said it expects to support up to 1,200 construction jobs across the four furnaces.

Shares of O-I Glass ( OI ) rose 3% in midday trading Monday.

Price: 15.81, Change: +0.47, Percent Change: +3.06