The U.S. Department of Energy (DOE) canceled awards totaling over $3.7 billion for 24 green energy projects, including a significant project at ExxonMobil's Baytown refinery complex in Texas. These awards were initially issued during the former President Joe Biden's administration.
The axed projects include those focused on carbon capture, hydrogen, and long-duration energy storage. For ExxonMobil, this impacts its Baytown low-carbon hydrogen project, which aimed to produce virtually carbon-free hydrogen with 98% CO2 capture.
This decision by the Trump administration signals a shift in federal support for certain clean energy initiatives. It introduces uncertainty for ExxonMobil's Low Carbon Solutions segment, as the pace of investment in these newer areas is contingent on market development and policy support.
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