Greater New Orleans Inc. and affiliate Greater New Orleans Development Foundation were awarded $50 million from the U.S. Economic Development Administration’s Build Back Better Challenge for their plans to create an offshore wind-powered hydrogen energy industry cluster in south Louisiana, reports L’Observateur.
Dubbed H2theFuture, the project is among 21 to be selected for funding through the 2021 American Rescue Plan competitive grant program. The $1 billion BBB initiative, which the U.S. Commerce Department describes as “the most impactful regional economic development competition in decades,” seeks to boost economic recovery and rebuild communities through “transformative investments” in regional industry clusters.
The winning Louisiana proposal creates a roadmap for decarbonizing Louisiana’s manufacturing sector while creating new energy jobs. The federal grant will be supplemented by $24.5 million in matching funds from the State of Louisiana, bringing the total project size to $74.5 million. Read the entire story.