Nth Cycle Receives $7.2M 48C Tax Credit Allocation from U.S. Department of Energy for Groundbreaking Critical Metal Refining Facility in Fairfield, OH
BOSTON, April 10, 2024 /PRNewswire/ -- Nth Cycle, a pioneering critical metal refining company, announced that it has been awarded a $7.2M tax credit allocation under the Inflation Reduction Act's Advanced Energy Project Tax Credit (48C) program , administered by the U.S. Department of Energy (DOE).
- BOSTON, April 10, 2024 /PRNewswire/ -- Nth Cycle, a pioneering critical metal refining company, announced that it has been awarded a $7.2M tax credit allocation under the Inflation Reduction Act's Advanced Energy Project Tax Credit (48C) program , administered by the U.S. Department of Energy (DOE).
- Nth Cycle will use the tax credit to help establish the nation's first large-scale production of Mixed Hydroxide Precipitate (MHP) at the company's facility in Fairfield, Ohio.
- Nth Cycle's facility projects to create new positions in Fairfield, offering crucial employment prospects within the burgeoning clean energy sector.
- Under the program, Nth Cycle's initiative stands out as a significant step towards bolstering America's critical mineral and battery supply chain.