Apr. 17, 2025 12:07 PM ET By: Carl Surran, SA News Editor
The U.S. Department of Energy is preparing dramatic cuts that could halt nearly $10B in federal funding for clean energy projects including hydrogen, carbon capture, long-duration energy storage and other technologies, The Wall Street Journal reported Thursday.
Among government contracts at risk of losing DoE funding are those with Exxon Mobil (XOM) to use hydrogen for fuel at a large ethylene plant, Occidental Petroleum (NYSE:OXY) for carbon capture in south Texas, and NextEra Energy (NEE) for long duration storage, according to the report.
The DoE also is said to be considering withdrawing funding from four regional hydrogen hubs, largely in Democratic-leaning regions, while continuing to help fund three hydrogen hubs in largely Republican areas, and more than 250 projects tied to electric vehicle charging, wave energy, battery recycling, solar, wind and other technologies also are reportedly at risk.
The cuts are part of a broad campaign by President Trump's Department of Government Efficiency to shrink the scale of the government and its spending, which already has resulted in thousands of job cuts across the federal workforce.
Most of the DoE's grants and loans have been in limbo since February, when Trump signed an executive order pausing the release of federal funds appropriated under the Infrastructure Improvement and Jobs Act and the Inflation Reduction Act that were approved during the Biden administration.
https://seekingalpha.com/news/4432288-doe-preparing-10b-clean-energy-funding-cuts-which-could-hurt-occidental-exxon-projects---wsj?source=apple_news%253Anews