Energy storage project loan approval

Why did LPO offer a $504m loan guarantee?

First, LPO offered a conditional commitment for a $504.4M loan guarantee to the Advanced Clean Energy Storage Project, which would be a first-of-its-kind clean hydrogen production and storage facility capable of providing long-term seasonal energy storage.

How will a loan guarantee help build the world's largest hydrogen storage facility?

The loan guarantee will help finance construction of the largest clean hydrogen storage facility in the world, capable of providing long-term low-cost, seasonal energy storage, furthering grid stability.

What is the DOE loan guarantee?

The project, which is located in Millard County, Utah, was announced in 2019 and is currently in its final stages of debt and equity closing. The loan guarantee is the first for a new clean energy technology project from DOE’s Loan Programs Office (LPO) since 2014, and it will help finance construction of the facility.

How will energy storage technology help Biden achieve a clean grid?

To meet President Biden’s goals to achieve a clean grid by 2035 and reach net zero emissions economy wide by 2050, long duration energy storage technologies — including hydrogen — will play a critical role.

What grants does neovolta receive?

NeoVolta has received financial offers for the establishment of a headquarters, manufacturing facility, and regional offices from 23 state economic development agencies, offering a wide range of grants for capital expenditures, workforce development, cost of relocation, cost of expansion, and off take agreements with state utilities.