Business

Plans by Baltimore-based Constellation Energy to mass-produce carbon-free hydrogen could be jeopardized under proposed federal guidelines that exclude existing nuclear plants from tax subsidies designed to boost a budding clean hydrogen industry. The newly released rules outline qualifications for clean hydrogen production credits offered through the Biden administration’s Inflation Reduction Act, which, in part, aims to cut greenhouse gas emissions 40% by 2030. Constellation, which produces electricity at power plants, including the nation’s largest fleet of nuclear power plants, had been counting on the credits to help make clean hydrogen production cost-effective.

Baltimore’s largest bank will close two Baltimore County branches, including its branch in a popular Towson mall. Bank of America plans to close two branches in Baltimore County, a freestanding location in Pikesville and a branch located in the Towson Town Center mall. The branches were the two smallest by deposits that the bank operated in the county. A bank spokesperson confirmed the closures and said the bank does not expect the closures to impact customers, as there are branches less than a mile away from the shuttered locations.

Tessemae’s, which has been mired in Chapter 11 bankruptcy proceedings for nearly a year, is in talks to be sold to a New Jersey-based consumer packaged goods company for $4.5 million. The Baltimore salad dressing business has a proposed agreement to sell to Panos Brands pending approval from the Maryland bankruptcy court, according to a December motion filed in federal court.

An Annapolis public company is changing its corporate structure to one that will put fewer limits on what it can invest in and how it retains cash. Hannon Armstrong Sustainable Infrastructure Capital Inc. (NYSE: HASI), which invests in energy efficiency and clean energy transition technologies, changed from a Real Estate Investment Trust (REIT) company to a C-corporation on Jan. 1.

Many people are familiar with Mt. Vernon’s major landmarks — Mount Vernon Place, the Washington Monument, the Peabody. Some residents know it for the 20th-century gay and arts revivals that nicknamed it Baltimore’s Greenwich Village. But fewer know Read Street and its 19th-century Black history. Read Street has become a vibrant community of Black-owned residences, buildings, and businesses with at least five Black-owned stores opening in the just two years since pandemic lockdowns abated. Many of them take in each other’s mail, clean each other’s garbage, collaborate on events and, just generally, look out for one another.

The threat to global trade in the Red Sea remains high, even with efforts to protect commercial vessels from attacks by Iranian-backed Houthi militants based in Yemen. Danish shipping giant Maersk’s decision on Tuesday to pause Red Sea and Gulf of Aden transits until further notice underscores the difficulty for the U.S.-led initiative, called Operation Prosperity Guardian. U.S. Navy helicopters, returning fire, sank three of the four Houthi boats that attacked the Maersk Hanzghou over the weekend, the U.S. military said.

It’s the Monday morning before Christmas, and EcoMap Technologies’ new CEO starts the day alone in his new, private office. It can be lonely at the top. But for Sherrod Davis, especially so. He’s filling a role once occupied by Pava LaPere, his professional partner and friend, whose September death sent shock waves throughout Baltimore. This office, this job title, this moment: It was never supposed to be like this.

Bethesda hotel software firm Stayntouch is looking to get into the M&A game. After being acquired twice, it’s now planning to start doing the acquiring. The 14-year-old company cinched $48 million in equity investment in December led by New York technology investor Sixth Street Growth, a firm that has also backed Airbnb Inc. and Spotify. The hefty financing deal will allow Stayntouch to scale much further, CEO Jacob Messina said. Sixth Street Growth’s Michael Bauer is joining Stayntouch’s board as part of the deal.