HyVelocity Hub Joins Regional Clean Hydrogen Hubs on Letter to U.S. Department of Treasury Urging Revisions to Proposed Hydrogen Production Tax Credit (45V) Guidance The HyVelocity Hub team, its partners, and sponsors, also issued specific recommendations to revise the draft guidance.

February 26, 2024
Houston, TX

Today, the HyVelocity Hub announced it has signed a joint letter with all seven regional clean hydrogen hubs (H2Hubs) urging the U.S. Department of Treasury to revise its proposed hydrogen production tax credit (45V) guidance. HyVelocity also submitted specific recommendations to revise the guidance in an independent response. A full copy of the Hubs-wide letter can be viewed here.

HyVelocity aims to accelerate the clean hydrogen economy in the Gulf Coast Region. The Hub would support communities with skilled training and well-paying American jobs, with the potential to create up to 35,000 construction jobs and 10,000 permanent jobs.

HyVelocity has proposed nine core projects with a collective investment of more than $10 billion in private capital to bring low-carbon hydrogen to the market. Successful private investment requires well-designed, supportive, and flexible federal policy to enable a full range of projects that will bring environmental and economic benefits to communities.

A full copy of HyVelocityā€™s letter can be viewed here. Specific impacts vary by HyVelocity project, and partner and sponsor companies have provided specific details through their individual comment submissions.