New Jersey has created the New Jersey Green Bank to support the state's clean energy projects. Hellenic Cables Americas has been allocated a $58 million tax credit for its planned cable factory in Baltimore, Maryland. Vestas decides not to lower prices in order to turn a profit. Masdar is planning a possible entry into the Chinese renewable energy market.



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Allen Hall: I'm Allen Hall, president of Weather Guard Lightning Tech. And I'm here with the founder and CEO of IntelStor, Phil Totaro, and the chief commercial officer of Weather Guard, Joel Saxum. And this is your NewsFlash. NewsFlash is brought to you by our friends at IntelStor. If you want market intelligence that generates revenue, then book a demonstration of IntelStor at IntelStor. com.



The New Jersey Economic Development Authority Board has created the New Jersey Green Bank to support the state's clean energy transition. The Green Bank will use various financial tools such as debt and credit enhancements to invest and attract private capital for New Jersey's clean energy sector.



The bank will focus on projects, technologies, and companies that support the state's climate goals. Particularly in areas like zero emission transportation, building decarbonization and resiliency, and clean energy generation and storage like wind energy. Phil, this is unique for the United States where a separate state has created a bank to fund renewable projects.



Philip Totaro: Yeah, this is really interesting and compelling that other states have tried employing other forms of investment vehicles to try and park money into project development, but this is a pretty unique thing where they're going to specifically focus on clean energy. And, do it with it sounds like the help of federal funding that they've been able to obtain.



This is going to be great for offshore wind and battery storage technology, I think, deployed throughout the state of New Jersey. All in all I think this is a win.



Joel Saxum: Yeah, I like the in the press conference here, they state each investment made by the NJGB must demonstrate benefits for New Jersey.



Great, it's their state, it's their money. But, this is the part I like. It must be new, rather than refinance and reduce greenhouse combustion greenhouse gas emissions or other pollutants. So it has to have, measurable effect for helping the climate out. And it must be new, so it's putting new things out there.



And I know like New Jersey right now is actually pretty heavy on doing quite a few solar installations as well. A lot of good things coming there. I would like to see other states put this into place.



Allen Hall: Helena Cable Americas, a subsidiary of Synergy Holdings. has been allocated a 58 million tax credit for its planned cable factory in, of all places, Baltimore, Maryland.



The company intends to build a 300 FID, that will manufacture subsea and underground cables for offshore wind and power grid applications. Helena Cable America successfully applied to the Department of Energy and received an allocation letter from the IRS granting its request for a qualifying advanced energy project transferable tax credit, or as we call it IRA 48C.



Now Phil, the IRA 48C, we haven't experienced a lot of that yet. Helena Cable's is one of the early entries there. What do you think so far?



Philip Totaro: So this is great.