Strong partnerships, aggressive pursuit of federal funds injects millions into state economy
Hydrogen has been called the “fuel of the future” because its versatility can power cars, supply electricity and heat homes - all with zero carbon emissions. Louisiana is positioning itself as a major hub for Hydrogen, backed by billions of capital investments. (Credit: GNO, Inc.)
“Federal funding” has always been a large bucket, covering an array of investments designed to grow the national economy by spurring statewide economic development. That bucket was both wide and deep in 2022, with the announcement of major federal investments targeting broadband expansion, transportation infrastructure, clean energy, small business growth and Louisiana-based national defense. Among the major funding opportunities that LED helped to secure for the state were $50 million from the Department of Commerce’s Build Back Better Challenge to help fund an offshore wind-powered hydrogen energy initiative in south Louisiana; up to $113 million from the U.S. Treasury for the State Small Business Credit Initiative, designed to get money in the hands of the entrepreneurs with an emphasis on previously underserved individuals and communities; and more than $130 million in Department of Defense investments in Louisiana military bases.
