Sustainable Energy & Infrastructure

 This issue of Energy & Sustainability Connections includes features on Caremark liability following the SEC’s new ESG reporting requirements, a roundup of recent M&A activity, energy policy news from Washington, reports on litigation developments, and a list of upcoming industry events.

Our January 2023 Energy & Sustainability Washington Update covers a letter from senators to the Department of Interior urging withdrawal of energy infrastructure guidance, a Biden administration guidebook on the Inflation Reduction Act (IRA), Treasury Department guidance on IRA labor requirements, proposed standards for energy-efficient distribution transformers, and Bipartisan Infrastructure Law opportunities.

Read about a new IRS reference standard for energy efficient commercial building property for purposes of the deduction under Section 179D of the Internal Revenue Code, which takes effect on January 1.

Read about new IRS reporting requirements, issued in Revenue Procedure 2022-42, for manufacturers and sellers of new or previously owned clean vehicles or qualified new commercial clean vehicles eligible for tax credits under Internal Revenue Code Sections 30D, 25E, or 45W, respectively.

Read about recent M&A activity in the energy and sustainability space, including Bowman Consulting’s (NAS: BWMN) acquisition of SEI Engineering, a provider of technical services catering to residential, commercial, utility, and industrial solar energy projects.

Learn about upcoming energy industry events, including NECA’s 2022 Holiday Celebration.

This issue of Energy & Sustainability Connections includes features on insulating materials manufacturer AeroShield Materials and a DOL rule allowing ERISA fiduciaries to consider ESG factors in decisions, a roundup of recent M&A activity, energy policy news from Washington, reports on IP and litigation developments, and a list of upcoming industry events.

Read about Heliogen, Inc.’s $4.1 million award from the US DOE for solar-thermal technology for industrial decarbonization, patent litigation involving SolarEdge Technologies and Ampt, LLC, and a PTAB decision holding a DynaEnergetics Europe GmbH innovation related to oil and gas drilling unpatentable.

Read about AeroShield Materials, a manufacturer of super-insulating materials to decarbonize the world’s built environment and its recent $4 million seed funding round.

Read about the SEC’s recent enforcement of ESG-related issues, a Biden administration proposal to require many federal contractors to disclose greenhouse gas (GHG) emissions, and a DOL final rule that enables ERISA fiduciaries to consider ESG factors when selecting investments.

Our December 2022 Energy & Sustainability Washington Update covers energy permitting reform legislation, the Renew America’s Schools grant program that focuses on energy improvements to reduce school energy costs and increase indoor air quality, the Environmental Protection Agency (EPA) seeking public input on required volumes of biofuel in the future, and Bipartisan Infrastructure Law opportunities.

Read about the SEC’s re-opening of the comment period for its proposed climate disclosures rule and reports the agency is considering dropping the requirement for companies to disclose Scope 3 GHG emissions.

Read about recent M&A activity in the energy and sustainability space, including RWE Renewables Americas’ acquisition of Con Edison Clean Energy Businesses for $6.8 billion.

Learn about upcoming energy industry events, including the Greentown Labs: EnergyBar: Go Move 2022 Kickoff.

Read about GE’s request for a new trial with Siemens Gamesa Renewable Energy, which argued the jury made an "irreconcilably inconsistent" finding regarding GE's technology that infringes a Siemens patent for offshore wind turbines.

On November 3, 2022, the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released three Notices requesting public comments by December 3, 2022, on certain additional aspects of the clean energy tax incentives included in the Inflation Reduction Act of 2022 (IRA). Treasury and the IRS previously released six Notices, on October 5, 2022, requesting public comments by November 4 on certain other aspects of the energy tax incentives, which are described in our alert. The Treasury and the IRS will consider written comments submitted after December 3 if such consideration will not delay the issuance of guidance. 

On October, 5, 2022, the U.S. Department of Treasury and Internal Revenue Service published six Notices requesting public comments by November 4, 2022 on certain of the clean energy tax incentives included in the Inflation Reduction Act of 2022.  However, the IRS and Treasury will consider written comments received after November 4 that do not delay the relevant guidance.  Input from industry stakeholders is important to help inform next steps for the IRS and Treasury and shape how these clean energy tax incentives are accessed in practice.

On October, 5, 2022, the U.S. Department of Treasury and Internal Revenue Service published six Notices requesting public comments by November 4, 2022 on certain of the clean energy tax incentives included in the Inflation Reduction Act of 2022.  However, the IRS and Treasury will consider written comments received after November 4 that do not delay the relevant guidance.  Input from industry stakeholders is important to help inform next steps for the IRS and Treasury and shape how these clean energy tax incentives are accessed in practice.