A Call for American Energy Leadership, Manufacturing, and Market-Driven Innovation

Open Letter From US Energy Investors

To Members of Congress and the American Public,

Thank you for your commitment to strengthening America’s energy leadership and rebuilding our nation’s industrial base and supply chains. As you know, low-cost, reliable, and abundant energy is fundamental to America's economic competitiveness and national security.

We are a group of more than 70 energy investors representing hundreds of billions in capital committed to building America's energy future. As Congress considers changes to the tax code through the budget reconciliation process, we write to express concern over proposals that would undermine American energy production and manufacturing, and to urge you to protect what is working and pursue improvements to unleash more energy, reduce costs, and accelerate innovation.

We commend the Senate for incorporating key improvements to the House-passed budget reconciliation bill, which—as written—would raise American households’ annual energy bills by a combined $170 billion and reduce cumulative GDP by $1.1 trillion during the budget window, eliminate 790,000 jobs in 2035, and forgo 330 gigawatts of new electricity capacity by 2035.

We support the Senate’s revisions, including preserving transferability and aligning the credits to a commence construction timeline, which will safeguard projects important to meeting near-term demand and manufacturing goals. We strongly urge that the final bill also include the following changes to address provisions that would cause uncertainty and instability in the energy and financial sectors.

1. Narrow the definition of “effective control” and clarify rules around material assistance and cost ratio rules within Foreign Entities of Concern (“FEOC”) restrictions.

We share Congress’s goal of strengthening American industries and supply chains and reducing our reliance on foreign sources. We remain concerned, however, that the bill’s Foreign Entity of Concern (FEOC) provisions do not provide enough time to ensure responsible compliance and send the wrong signal to investors, manufacturers, and working Americans. If left as is, the FEOC provisions could upend viable business models, jeopardize ongoing project financing, bankrupt businesses, and risk a significant slowdown of energy deployment, especially solar, wind, and batteries, which are uniquely capable of being deployed within the coming years. That’s the opposite of what the grid now needs to meet AI, data centers, and domestic manufacturing’s unprecedented and immediate electricity demand.

2. Keep Sections 45Y and 48E for wind and solar projects through 2030 based on the ‘commence construction’ timeline.

Energy projects are multi-year, multi-billion-dollar investments that require certainty and stability. We thank the Senate for recognizing this and aligning the credits with a project’s start of construction. Early phase-out schedules for wind and solar, however, will threaten projects that are essential for meeting near-term energy demand while imperiling jobs and supply chains across the country. America needs abundant, affordable, and reliable energy—and fast. Wind and solar plus storage will allow us to get the cheapest, fastest electrons onto the grid. The investment and production tax credits have catalyzed hundreds of billions in private capital to quickly bring electrons to the grid and keep energy as one of the fastest-growing job sectors in the country. Businesses across America have made long-term plans based on reasonable expectations about the nature and duration of these credits.

3. Delay the sunset of the 25D Residential Solar Credit until the end of 2027 and restore 48E access for third-party ownership and financing for wind and solar.

Most residential solar systems rely on domestically made modules, inverters, and racking equipment, making the sector a key driver of manufacturing investment and supply chain onshoring. An immediate cancellation would also disrupt innovative business models that empower consumers to contribute to our nation’s energy production, helping power their communities, strengthen our economy, and build a more secure energy future for all Americans.

These changes will help ensure the final bill does not unintentionally undermine American companies and drive investments abroad. They’ll help keep energy costs low for American households and businesses.

The current approach, while improved, sends the wrong signal to the market and does not provide enough time to ensure responsible compliance. It would abruptly roll back investment and production tax credits that have catalyzed hundreds of billions in private capital to quickly bring electricity to the grid and reshore manufacturing. This sudden change in policy creates financial uncertainty for American energy companies at a time when the country needs more energy than ever.

This is an economic, security, and geopolitical issue. If the U.S. abandons its domestic energy markets now, we risk ceding future leadership in energy, innovation, AI, and critical infrastructure. The bill’s current structure would weaken our hand in a global economic race we can—and must—win. The AI race will be won by 2030, and we must deploy all sources of energy available to support the United States in that effort.

Investors and relevant businesses are creating American jobs, using American steel, building American-made inverters, and generating more energy security, not less. They are producing resilient, affordable power throughout the country and building a grid capable of supporting both our industrial economy and our national defense. We need to give them the tools to keep going, not slow them down.

We look forward to working with Congress to ensure the final bill strengthens domestic supply chains and secures American energy independence.

Signed,

Mark Bruinooge, Chief Investment Officer, 2040 Fund
Ryan Bennet, Managing Director, 38 Degrees North
Tracy Gray, Founder and Managing Partner, The 22 Fund
Brent Kessel, Co-Founder, Abacus Wealth Partners
Brian Heilman, Director, AAB Intl
Allan Riska, Founder, AirLayer Energy Infrastructure
Alex Flamm, Head of Energy, AB CarVal
Barry D. Kupferberg, Founder & Managing Partner, Barkers Point Capital Advisors, LLC
Wes Selke, Founding Partner, Better Ventures
Gary Goldman, Managing Member, BGMG Enterprises, LLC
Bill DuFour, Chief Commercial Officer, Birch Creek Energy
Stonly Blue, Managing Partner, Third Sphere
Tripp Baird, Co-Founder & Managing Partner, Builders Fund
Mike Dutton, Co-Founder & Managing Partner, Builders Fund
Meir Rabkin, Managing Partner, Blue Vision Capital
Josh Cohen, Partner, City Light Capital
Daniel Goldman, Co-Founder & Managing Partner, Clean Energy Ventures
Joaquin Altenberg, Managing Partner, Clean Energy Holdings
Jon Powers, President, CleanCapital
Eric Becker, Chief Investment Officer, Clean Yield Asset Management
Ron Gonen, Chief Executive Officer, Closed Loop Partners
Josh Felser, Co-Founder & Managing Partner, Climactic
James Rich, Co-Founder & Managing Partner, CurvePoint Capital Management
Brian Wayne, Managing Partner and Co-Founder, CurvePoint Capital
Ira Ehrenpreis, Founder & Managing Partner, DBL Partners
Nancy Pfund, Founder & Managing Partner, DBL Partners
Katie Boland, Co-Founder, Delta Fund
Brian Boland, Co-Founder, Delta Fund
Tory Dietel Hopps, Managing Partner, Dietel Pickering & Partners
Eric Berman, Investor & Board Member, E8 Angels
Tom O’Keefe, Investor, Early Stage Investor
Devin Whatley, Managing Partner, Ecosystem Integrity Fund
Jigar Shah, Manager, Energy Abundance Partners
Steph Speirs, Co-Founder and Managing Partner, Eno Capital Partners
Paul Seidler, Managing Director, Evergreen Climate Innovations
Howard Fischer, Founder & Managing Partner, Fischer Family Office
Janice St. Onge, President, Flexible Capital Fund
Monica Varman, Partner, G2 Venture Partners
Stuart Barkoff, Co-Founder, GEF Capital Partners
Daniel Prawda, Co-Founder, GEF Capital Partners
Aldric Seguin, Managing Partner, Global Sustainable Future
Peter Shaper, Founder & Managing Partner, Genesis Park
Paul Hobby, Managing Partner, Genesis Park
Erika Ginsberg-Klemmt, Co-Founder, GismoPower
Geordan Hankinson, Partner, Renewal Funds
Thomas Knowles, Managing Partner, Gratitude Railroad
Kevin Tidwell, Managing Director, Grantham Foundation for the Protection of the Environment
Ramsay Ravenel, President, Grantham Foundation for the Protection of the Environment
Richard Rainaldi, Partner, Green Spark Ventures
Andrew Bernstein, Chief Executive Officer, Kearsage Energy
John Chaimanis, Co-Founder & Managing Director, Kendall Sustainable Infrastructure, LLC
Shayuri Sharper, President, KSF Impact
Isaac Vanderburg, Fund Manager, Launch Alaska Fund II
David Rusenko, Managing Partner, Leap Forward Ventures
David Kirkpatrick, Co-Founder & Managing Director, SJF Ventures
Erik Lensch, Chief Executive Officer, Leyline Renewable Capital, LLC
Mark Lewis, Managing Director, Lime Rock New Energy
Kristian Nammack, Founder, Matinecock Capital LLC
Dan Montante, President, Montante Solar
Luan Jenifer, President & Chief Executive Officer, Miller/Howard Investments, Inc.
Cody Simms, Managing Partner, MCJ
Casey Goldstein, Analyst, MCJ
Jesse Teichman, Partner, MKB
Kristin Hull, Founder & Chief Investment Officer, Nia Impact Capital
Rev Séamus Finn, OMI, Chief Faith Consistent Investing, Oblate International Pastoral Fund
Andrew Beebe, Managing Director, Obvious Ventures
Mark Bronez, Chief Executive Officer, Onswitch, Inc.
Caroline Bressan, Chief Executive Officer, Open Road Impact
Shomik Dutta, Managing Partner, Overture Ventures
Brandon Hurlbut, Co-Founder, Overture Ventures
Chris Erickson, Partner, Pangaea Ventures
Matt Eggers, Managing Director, Prelude Ventures
Emily Kirsch, Founder and Managing Partner, Powerhouse Ventures
Theodore Roosevelt V, Managing Partner, Redwood Grove Capital
Zach Axelrod, Partner and CEO, Redball Energy
David Broz, Managing Partner, Second Nature Investments
Anay Shah, Co-Founder & General Partner, Stepchange Ventures
Ben Eidelson, Co-Founder & General Partner, Stepchange Ventures
Timothy J. Geiger, President, Stark Tech
Jason Scott, Partner, Spring Lane Capital
Robert Day, Co-Founding Partner, Spring Lane Capital
Jonathan Abe, Chief Executive Officer & Founder, Sunwealth
Tom Ferraro, Partner, Ultra Capital LLC
Kareem Dabbagh, Managing Partner, VoLo Earth Ventures
Russell Sprole, Founder & Managing Partner, Virta Ventures
Rod Womer, CEO, Woka Foundation
Paul Straub, Managing Director, Wireframe Ventures
Nick Cravalho, Founder & Managing Partner, SMB Climate
Sean Kelley, CEO, Sage&Sea Ventures
Rory Boyle, President, S105R6, Inc.

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