Enovado’s US Market Series supports European companies contemplating investments in the US market. This edition focuses on the Renewable Energy sector, and is meant to serve as a guideline to assess the market landscape and dynamics as well as attractive locations and incentive opportunities such as the present state and evolving facets of the Inflation Reduction Act.
Highlights – Renewables | Inflation Reduction Act (Overview)
o Despite contrary indications in recent news, European investments constitute a mere 15% of the 223 projects attracted during the first 12 months following the IRA’s introduction. Narrowing the scope to Renewables yields a mere 20 projects.
o Texas, the US state with the highest installed renewables capacities by far, continued to attract more projects than others. The Lone Star state faces new competitors such as New York or South Carolina, while other top renewables destinations (with the exception of California) such as Iowa, Oklahoma or Kansas did not attract many projects.
o Investors both from Europe and Asia-Pacific also chose upcoming challenger locations such as Michigan and Georgia. Renewables investors in the US therefore face the “agony of choice” as dozens of states seem to be suitable. Our upcoming technology-specific analyses of investment destination trends in our US Market Series will provide further insights and guidance for selecting the optimal location.
About Enovado’s European Market Series
o Enovado’s US Market Series supports European companies contemplating investments in the US market. It is meant to serve as a guideline to assess the market landscape and dynamics, strategic locations, and incentive opportunities, particularly in regards to the present state and evolving facets of the IRA.
o With extensive involvement with US State and regional economic development organizations (EDOs) as well as ongoing dialogue with European automotive suppliers contemplating a North American market entry, Enovado leverages its first-hand insights to add value to the Market Series.
o We intend to publish all three subsequent editions of the US Renewabley Energy Market Series by the end of 2023.
Download full report (pdf) here: US – Renewables | IRA (Overview)