The U.S. Department of Energy (DOE) is reviewing billions of dollars in clean energy funding awarded under the Biden administration, potentially affecting projects in electric vehicle manufacturing, carbon capture, and other renewable energy initiatives.

Projects under consideration include direct air capture hubs, including one involving Occidental, which received billion-dollar awards for carbon removal technologies. Funding for General Motors' Lansing Grand River Assembly Plant in Michigan, Stellantis' Belvidere and Indiana plants, and Hyundai Mobis' Ohio facility are also under review. Additional projects include Harley-Davidson's EV motorcycle expansion in Pennsylvania, Blue Bird's electric school bus plant in Georgia, and Cummins' zero-emission component production in Indiana. The Volvo Group may also see $208 million in plant upgrades across multiple states impacted.

Earlier DOE cancellations included $331 million for Exxon's Baytown carbon reduction project, $500 million for Heidelberg Materials in Louisiana, and $375 million for Eastman Chemical in Texas. The total potential funding at risk is reported to reach $12 billion, though DOE has not finalized decisions on all projects.

White House Budget Director Russell Vought stated that nearly $8 billion in climate-related funding across 16 Democratic-led states, including California and New York, could be terminated.

The DOE emphasized it is conducting a "thorough review" of financial awards and has made no determinations beyond previously announced cancellations. Several companies, including GM, Occidental, Stellantis, and Harley-Davidson, declined to comment.

The review highlights ongoing debates in the U.S. over federal support for clean energy initiatives and the prioritization of taxpayer returns.

Source: finance.yahoo.com