HIP LEADS 60 MANUFACTURERS, TRADE ASSOCIATIONS AND OTHER BUSINESSES IN APPLAUDING SENS. CARPER & CARDIN ON THE INTRODUCTION OF THE WHP INVESTMENT TAX CREDIT ACT

Oak Brook, IL – On July 25th , Senators Tom Carper (D-Del.) and Ben Cardin (D-Md.) introduced The Waste Heat to Power Investment Tax Credit Act, which would spur the deployment of waste heat to power (WHP) and bolster businesses, create jobs, and reduce harmful emissions. The bill would provide a 10 percent investment tax credit on WHP projects that begin construction before January 1, 2027. WHP converts leftover heat from industrial, commercial and institutional sources into electricity with zero additional fuel or emissions–providing a clean, reliable source of energy for manufacturers and businesses.

In response, John Prunkl, President of Ironclad Energy Partners and Chairman of the Board of the Heat is Power Association (HiP), provided the following comments:

“The Heat is Power Association commends Senators Carper and Cardin for the introduction of this bill to provide tax parity for waste heat to power. We thank them for their leadership in helping to push deployment of WHP by recognizing the value this energy resource has to offer in the tax code.”

Prunkl continued, “This legislation has the potential to unleash the many benefits of WHP in communities across the U.S. and tap into what the DOE estimates to be 15 GW of WHP potential. Taking full advantage of this resource could add 160,000 new jobs to the U.S. economy, cut costs for businesses and reduce emissions across the country.”

Pat Sharkey, Executive Director of HiP and Policy Director for the Midwest Cogeneration Association added, “Despite the fact that waste heat to power (WHP) is a readily available, clean, and reliable domestic energy resource that could be fueling American businesses and saving them money, the conversion of waste heat to electricity is at a competitive disadvantage because it does not currently qualify for a Section 48 investment tax credit (ITC). We look forward to working with Senators Carper and Cardin alongside the more than 60 businesses that have already expressed support for this legislation to see the benefits of WHP become a reality.”

The bill has earned the support from the leaders of over 60 manufacturers, trade associations and other businesses, including: Cummins, ArcelorMittal USA, the Alliance for Industrial Efficiency, the Midwest Cogeneration Association, and the Sheet Metal and Air Conditioning Contractors’ National Association. Read the letter here.

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Support for the “Waste Heat to Power Investment Tax Credit Act” Gathers Steam

“Our members work in hot, energy-intensive processes across the country. We strongly support this proposal. It will help domestic manufacturers install waste-heat-to-power technology, reduce emissions and remain globally competitive.”

– Thomas M. Conway, International President, United Steelworkers

“The Alliance for Industrial Efficiency applauds Senators Carper and Cardin for championing the Waste Heat to Power Investment Tax Credit Act. Congress has provided tax credits for other zero-emission technologies but previously failed to ensure that waste heat to power (WHP) qualified for the Section 48 investment tax credit, even though it is an innovative zero-emission energy resource. We encourage Congress to recognize WHP’s benefits to American manufacturers by promoting parity in the tax code.”

– David Gardiner, Executive Director, Alliance for Industrial Efficiency

“The Sheet Metal and Air Conditioning Contractors National Association (SMACNA) features many highly-skilled construction contractors specializing in waste heat to power (WHP) completing industrial, commercial and public sector projects throughout the nation for more than a decade. Not only have these waste heat to power (WHP) projects boosted high skill construction employment, they have vastly improved a diverse collection of industrial facilities involving steel mills, paper plants, refineries, chemical plants, oil and gas pipelines, and general manufacturing but also university, commercial and entertainment facilities. WHP projects resulting from the Waste Heat to Power Investment Tax Credit Act will help make our nation and our manufacturing sector far more energy efficient, productive, and operationally efficient while boosting energy grid reliability.”

– Stanley Kolbe, Director of Government and Political Affairs, The Sheet Metal and Air Conditioning Contractors National Association (SMACNA) (Washington, DC)

“The Clean Energy Business Network serves more than 3,000 small business leaders across the United States working across the spectrum of clean energy technologies, including energy efficiency, natural gas, renewable energy, advanced transportation, and storage. We have seen that federal tax policies have been an important driver across all energy industries to allow more projects to move forward, drive down costs for consumers, promote investment, and create jobs. The Waste Heat to Power Investment Tax Credit Act would promote greater parity in the tax code for an underutilized clean energy technology, he growth of new industries and jobs across the U.S.”

– Lynn Abramson, President, Clean Energy Business Network (Washington, DC)

“Primary Energy supports the Waste Heat to Power Investment Tax Credit Act. By turning waste heat into a resource, our company is increasing energy efficiency, helping our customers cut costs, and creating good-paying engineering and construction jobs in Indiana and across the Midwest. This legislation would promote parity in the tax code, drive energy innovation, and reduce costs for businesses across America.”

– Mo Klefeker, President, Primary Energy (Oak Brook, IL with 5 subsidiaries in East Chicago and Portage, IN)

“Our WHP systems are proven globally in many different applications. Taking advantage of thermal energy typically discharged to the atmosphere, we are creating clean electricity, U.S. jobs, and products for global exports. Yet, we are at a disadvantage in the U.S. compared to other technologies due to our inability to access the investment tax credit. The Waste Heat to Power Investment Tax Credit Act would finally give WHP parity in the tax code.”

– John Fox, Business Development Manager, ElectraTherm (Flowery Branch, GA)

“Waste heat to power has tremendous potential to benefit the environment by generating clean “green” power.  With respect to the investment tax credit, WHP should be treated equally as compared to solar and wind technologies. The market for WHP is enormous and is barely being exploited, especially in light of new cost-effective technologies that can now be deployed.”

– Thomas Telegades, CEO, PwrCor (New York, NY)

“For a startup company, qualifying for the Investment Tax Credit would level the playing-field for all clean energy technology and go a long way towards helping America build a diverse, sustainable energy profile.”

– Michael Longo, Head of Business Development, Anax Power (Jersey City, NJ)

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