a-25-22.pdf

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Part IV – Items of General Interest

Certifications Issued for Round 1 of the Qualifying Advanced Energy Project Credit
Allocation Program Under Section 48C(e)

Announcement 2025-22

This announcement discloses the first set of certifications from the period
beginning March 29, 2024, through September 30, 2025, resulting from the Round 1
allocation of the qualifying advanced energy project credit provided by § 48C(e) of the
Internal Revenue Code.
SECTION 1. QUALIFYING ADVANCED ENERGY PROJECT CREDIT
Notice 2023-18 established the program under § 48C(e)(1) of the Internal
Revenue Code (Code) to allocate $10 billion of credits ($4 billion of which may be
allocated only to projects located in certain energy communities) (§ 48C credits) for
qualified investments in eligible qualifying advanced energy projects (§ 48C(e)
program).
For purposes of § 48C credit allocations under the § 48C(e) program, §
48C(e)(4)(A) provides a base credit rate of 6 percent of the qualified investment (as
defined in § 48C(b)). In the case of any project which satisfies the requirements of §
48C(e)(5)(A) and (6) (prevailing wage and apprenticeship requirements), § 48C(e)(4)(B)
provides an alternative rate of 30 percent of the qualified investment.

2

The Treasury Department and the IRS provided two allocation rounds under
the § 48C(e) program. For the first allocation round (Round 1) of the § 48C(e) program,
which began on May 31, 2023, the IRS allocated $4 billion
1
of the § 48C credits with
approximately $1.6 billion in § 48C credits allocated to projects located in certain energy
communities. Section 70515 of Public Law 119-21, 139 Stat. 72, 276 (July 4, 2025),
commonly known as the One, Big, Beautiful Bill Act (OBBBA) amended § 48C(e)(3)(C)
to limit the availability of previously allocated § 48C credits that were subsequently
revoked for future § 48C(e) program allocations.
SECTION 2. CERTIFICATION
Section 48C(e)(3)(B) provides that each applicant for certification has 2 years
from the date of acceptance by the Secretary of the § 48C(e) application during which to
provide to the Secretary evidence that the requirements of the certification have been
met.
Section 48C(e)(7) provides that upon making a certification under § 48C(e),
the Secretary is required to disclose publicly the identity of the applicant and the amount
of the § 48C credit certified with respect to such applicant. This notice provides the
identity of the taxpayer and the amount of the § 48C credits allocated to the taxpayer
with respect to projects that have been allocated a § 48C credit and for which a
certification was issued during the period beginning on March 29, 2024, the day that
Round 1 allocation notification letters were issued, and ending on September 30, 2025,
for Round 1 of the § 48C(e) program. The IRS will publish additional such notices

1
The IRS allocated approximately $6 billion of the § 48C credits in the second allocation round (Round 2) of
the § 48C(e) program. See Announcement 2025-23 in I.R.B. 2025-50.

3

annually for certifications issued during each successive 12-month period beginning on
October 1, 2025.
Accordingly, the certifications issued to date for Round 1 of the § 48C(e)
program are as follows:
Applicant Amount
Power Brace LLC $ 628,168.00
Hemlock Semiconductor Operations LLC $ 86,400,000.00
Essex Furukawa Magnet Wire USA LLC $ 11,520,000.00
JSW Steel USA Ohio, Inc. $ 43,500,000.00
Pennsylvania Transformer Technology Inc. $ 2,100,000.00
Voith Hydro Inc. $ 5,826,254.00
Electric Hydrogen Co. $ 18,348,108.00
Delta Star Inc. $ 1,803,480.00
MP Magnetics LLC $ 58,500,000.00
Beam Suntory Inc. $ 9,495,900.00
Bekaert Corporation $ 4,061,559.00
Electric Research and Manufacturing Cooperative Inc. $ 4,762,743.00
American Battery Technology Company $ 19,575,896.00

SECTION 3. DRAFTING INFORMATION
The principal author of this announcement is Jean Elting Rowe of the Large
Business and International Division. However, other personnel from the Treasury
Department and Office of Associate Chief Counsel (Energy, Credits, and Excise Tax)
participated in its development. For further information regarding this announcement,
call (202) 317-5254 (not a toll-free number).