Notice 2023-18 established the program under § 48C(e)(1) of the Internal
SECTION 2. CERTIFICATION
Internal Revenue Bulletin 2025-50 · 2026-10-03 edition · updated 2026-10-04 · United States
Section 48C(e)(3)(B) provides that each applicant for certification has 2 years
from the date of acceptance by the Secretary of the § 48C(e) application during which to provide to the Secretary evidence that the requirements of the certification have been met.
Section 48C(e)(7) provides that upon making a certification under § 48C(e), the Secretary is required to disclose publicly the identity of the applicant and the amount of the § 48C credit certified with respect to such applicant. This notice provides the identity of the taxpayer and the amount of the § 48C credits allocated to the taxpayer with respect to projects that have been allocated a § 48C credit and for which a certification was issued during the period beginning on March 29, 2024, the day that Round 1 allocation notification letters were issued, and ending on September 30, 2025, for Round 1 of the § 48C(e) program. The IRS will publish additional such notices annually for certifications issued during each successive 12-month period beginning on October 1, 2025.
Accordingly, the certifications issued to date for Round 1 of the § 48C(e) program are as follows:
| Applicant | Amount |
|---|---|
| Power Brace LLC | $ 628,168.00 |
| Hemlock Semiconductor Operations LLC | $ 86,400,000.00 |
| Essex Furukawa Magnet Wire USA LLC | $ 11,520,000.00 |
| JSW Steel USA Ohio, Inc. | $ 43,500,000.00 |
| Pennsylvania Transformer Technology Inc. | $ 2,100,000.00 |
| Voith Hydro Inc. | $ 5,826,254.00 |
| Electric Hydrogen Co. | $ 18,348,108.00 |
| Delta Star Inc. | $ 1,803,480.00 |
| MP Magnetics LLC | $ 58,500,000.00 |
| Beam Suntory Inc. | $ 9,495,900.00 |
| Bekaert Corporation | $ 4,061,559.00 |
| Electric Research and Manufacturing Cooperative Inc. | $ 4,762,743.00 |
| American Battery Technology Company | $ 19,575,896.00 |
1 The IRS allocated approximately $6 billion of the § 48C credits in the second allocation round (Round 2) of the § 48C(e) program. See Announcement 2025-23 in I.R.B. 2025-50.
Bulletin No. 2025–50 783 December 8, 2025
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