September 8, 2025: EnerSys has received a tax refund of around $140 million plus interest thanks to the sale of batteries.

Batteries International reported last year that the US-based firm was in line for an unexpected boost, after the federal government unveiled proposed new guidance on battery components and materials qualifying for tax credits.

Now, in a statement released on August 27, EnerSys confirmed it had received its fiscal 2024 US tax return refund of $137 million, plus accrued interest.

The refund is associated with sales of batteries EnerSys produced in the US which qualified for credits under section 45X of the Advanced Manufacturing Production Credit (AMPC) program — part of the Inflation Reduction Act.

EnerSys president and CEO Shawn O’Connell said: “Earning these credits underscores our commitment to strengthening a resilient US manufacturing and supply base, and delivering high-performance energy solutions our customers rely on.”

Section 45X provides AMPCs for battery cells and battery modules produced in the US with an energy density of not less than 100 watt-hours per litre. Credits are determined based on sales of qualifying products produced in the US from January 1, 2023 until December 31, 2032.

EnerSys had said previously that its analysis of guidance released in December 2023 by the US Treasury and Internal Revenue Service indicated the battery maker could expect annual tax credits recorded as a reduction to the cost of goods sold, and not subject to taxation, to be in the range of around $120 million to $160 million up to 2032.