Century Aluminum Company (NASDAQ:CENX) has been selected by the U.S. Department of Energy Office of Clean Energy Demonstrations to begin award negotiations for up to $500 million in Bipartisan Infrastructure Law and Inflation Reduction Act funding.

The funding is to build a new aluminum smelter as part of the Industrial Demonstrations Program (IDP).

Century's Green Aluminum Smelter Project is one of 33 projects across more than 20 states to receive funding designed for commercial-scale decarbonization solutions.

The aim of the fund is to move energy-intensive industries toward net-zero and strengthen local economies, create, and maintain high-quality jobs, and reduce greenhouse gas emissions.

Century plans to build the first new U.S. primary aluminum smelter in 45 years that would double the size of the current U.S. primary aluminum industry.

The project is expected to strengthen domestic supply chains important for green energy transition, including electric vehicles, renewable-energy production and storage, building and construction, and sustainable packaging.

The project is expected to create more than 1,000 full-time jobs represented by the United Steelworkers and over 5,500 construction jobs.

Price Action: CENX shares are trading higher by 3.03% at $13.62 in premarket on the last check Monday.