Top 10 DOE Grant Awards to For-Profit Businesses in FY 2024

Top 10 DOE Grant Awards to For-Profit Businesses in FY 2024

The Department of Energy (DOE) continues to award significant grants to for-profit companies advancing clean energy technology and infrastructure in connection with the IIJA and the IRA. This article highlights the top 10 DOE grant awards to for-profit entities in FY 2024.

1. Generac Power Systems, Inc. (NYSE: GNRC)

• Company Description: Generac is a leading manufacturer of backup power generation products and energy storage solutions, serving residential, commercial, and industrial markets.

• Funding Amount: $200 million

• Project Purpose: To deploy cost-effective solar and battery storage systems for vulnerable households in Puerto Rico, enhancing energy resilience and reducing the energy burden on low-income residents.

2. Sunnova Energy International, Inc. (NYSE: NOVA)

• Company Description: Sunnova is a prominent provider of residential solar and battery storage services, focusing on energy resiliency and independence.

• Funding Amount: $199.88 million

• Project Purpose: The Sunnova Energy Resiliency Accelerator aims to build community-based energy resilience by investing in solar PV and battery storage systems across Puerto Rico.

3. Talon Metals Corp. (TSX: TLO)

• Company Description: Talon Metals is a mining company specializing in nickel and other critical battery minerals, supporting the electric vehicle and energy storage sectors.

• Funding Amount: $114.85 million

• Project Purpose: To establish an advanced battery minerals processing facility in the U.S., contributing to a domestic supply chain for critical minerals needed in EV batteries.

4. Novonix Limited (NASDAQ: NVX)

• Company Description: Novonix is a battery materials and technology company focused on developing synthetic graphite for electric vehicle (EV) batteries.

• Funding Amount: $100 million

• Project Purpose: This funding supports the development of a facility to produce high-performance synthetic graphite anode material, with an annual output capacity of 20,000 metric tons.

5. Sila Nanotechnologies, Inc.

• Company Description: Sila Nanotechnologies is a private company pioneering silicon anode technology for lithium-ion batteries, enhancing energy density and extending battery life.

• Funding Amount: $100 million

• Project Purpose: To construct a facility capable of producing 2,300 tons of silicon anode material annually, supporting innovation in battery technology for EVs and energy storage.

6. PECO Energy Company (Parent Company: Exelon Corporation, NASDAQ: EXC)

• Company Description: PECO is the largest electric and natural gas utility in Pennsylvania, serving the Philadelphia area and committed to energy efficiency and grid modernization.

• Funding Amount: $100 million

• Project Purpose: The PECO CREATE Plan will enhance energy infrastructure resilience and reliability in southeastern Pennsylvania, focusing on equitable energy solutions.

7. Consumers Energy Co. (Parent Company: CMS Energy Corporation, NYSE: CMS)

• Company Description: Consumers Energy provides natural gas and electricity to over 6 million Michigan residents, with a strong focus on renewable energy and sustainability.

• Funding Amount: $100 million

• Project Purpose: To improve energy distribution systems, aiming to reduce outages in disadvantaged communities and stimulate local economic growth.

8. XCEL Energy Inc. (NASDAQ: XEL)

• Company Description: XCEL Energy is a major U.S. utility company focused on reducing carbon emissions, providing electricity, and natural gas services across eight states.

• Funding Amount: $100 million

• Project Purpose: XCEL’s project focuses on wildfire risk reduction and resilience, enhancing energy security in response to severe weather risks within its service areas.

9. PacifiCorp (Parent Company: Berkshire Hathaway Energy, NYSE: BRK.A, BRK.B)

• Company Description: PacifiCorp is a leading energy provider in the western U.S., focusing on renewable energy integration and grid resiliency.

• Funding Amount: $99.63 million

• Project Purpose: Project PEER will harden grid infrastructure to reduce wildfire risks, enhance resilience, and provide energy support to tribal and disadvantaged communities.

10. Hawaiian Electric Company, Inc. (NYSE: HE)

• Company Description: Hawaiian Electric is the primary electric utility provider for Hawaii, emphasizing clean energy goals to support Hawaii’s 100% renewable energy mandate by 2045.

• Funding Amount: $95.31 million

• Project Purpose: The Climate Adaptation Resilience Program aims to fortify utility infrastructure against climate change-related challenges, ensuring grid reliability amid evolving environmental threats.

Written by Dan Durst, Co-Founder of Award Advisors

At Award Advisors, we specialize in guiding grant recipients every step of the way—from application development to managing compliance and maximizing cost recovery. With a deep understanding of DOE requirements, our team is unmatched in its ability to help clients achieve their project goals and maintain compliance effortlessly. We take pride in delivering proactive, strategic solutions that not only streamline grant management but also empower our clients to focus on their core mission: pioneering innovations that shape a cleaner, more resilient energy future.