Wharton, NJ – Anax Power (www.anaxpower.com), whose proprietary technology generates clean power from natural gas, without combustion, commends Congress and President Trump on passing the Consolidated Appropriations Act, 2021, which includes a 26% Investment Tax Credit (ITC) for “Waste Energy Recovery” technology.
The 500kW Anax Turboexpander (ATE) uses waste energy to generate carbon-free power from the pressure letdown process in natural gas transmission pipelines. This federal legislation follows (and can be combined with) similar incentives for waste energy (or waste heat) in Pennsylvania, Connecticut, California, and many other states.
“Including waste energy recovery in the Federal ITC Program alongside wind and solar is smart, bipartisan policy. The program incentivizes energy-intensive American businesses to add zero-emission power by recycling their largest by-product: heat energy. The law validates waste energy recovery as a critical resource to US energy independence and a clean energy future,” said Joe Longo, Anax’s CEO.
He continued, “While the Anax Turboexpander creates financial value without government support, the ITC affirms Anax’s technology as a viable clean energy solution for large, energy-intensive customers.”
Anax Power is a New Jersey-based clean energy technology company that builds, markets, and develops projects around the 500kW Anax Turboexpander. Anax is headquartered in Wharton, New Jersey, one of the state’s economic opportunity zones.
You can learn more about Anax Power by clicking here.