Recovery Act Tax Credits to Enable More Than $7 Billion in New Manufacturing Projects and Create Tens of Thousands of Jobs

NDC Grow America Fund borrower Cardinal Fastener and Specialty Co. received a $480,000 tax credit from the U.S. Department of Energy as part of a $2.3 billion award in Recovery Act Energy Manufacturing Tax Credits for clean energy manufacturing projects across the United States.

President Obama announced the award of $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy manufacturing projects across the United States on January 8, 2010.   One hundred eighty three projects in 43 states will create tens of thousands of high quality clean energy jobs and the domestic manufacturing of advanced clean energy technologies including solar, wind and efficiency and energy management technologies. 

As part of the Recovery Act, these tax credits are focused on putting Americans back to work by building a robust domestic manufacturing capacity to supply clean and renewable energy projects with American made parts and equipment.  These credits are also an important step towards meeting the President’s goal of doubling the amount of renewable energy the country uses in the next three years with wind turbines and solar panels built right here in the United States.  More at: http://www.energy.gov/news2009/8501.htm.

Cardinal Fastener will manufacture hot forged, critical fasteners used in wind turbines - transportation bolts, tower bolts, nacelle bolts, and blade studs.