The Inflation Reduction Act is turning heads among British businesses
Cash is only one part of the answer
The phone hasn’t stopped ringing for Asher Bennett, the founder of Tevva, a manufacturer of hydrogen- and battery-powered trucks near Tilbury, a run-down port town in Essex. For months he has been fielding calls from officials across America competing to lure clean-energy businesses across the Atlantic. Armed with hundreds of billions in subsidies and tax breaks courtesy of Joe Biden’s Inflation Reduction Act (IRA), many states are wooing entrepreneurs over lunches or arranging visits to potential sites. By next year, Mr Bennett hopes to start production of Tevva’s zero-emission trucks in America as well.
This article appeared in the Britain section of the print edition under the headline “Green with envy”
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