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DOE Loan Programs Office
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https://content.govdelivery.com/accounts/USDOELPO/bulletins/343a83c
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IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
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More big news for America's domestic EV battery supply chain! On the heels of two major Critical Materials project loans closed in the past year, LPO announced on January 13 an offer of a conditional commitment to lend up to $700 million to Ioneer Rhyolite Ridge LLC, a project being developed by Ioneer Ltd.
If issued, this Advanced Technology Vehicles Manufacturing (ATVM) loan will finance the construction of a new lithium carbonate processing facility at Rhyolite Ridge in Esmeralda County, Nevada, providing the nation with a more reliable, secure supply of critical materials used in the production of EV batteries.
At full production capacity, Rhyolite Ridge is expected to annually produce over 20,000 tons of lithium carbonate, which is enough supply for approximately 370,000 electric vehicles, and is projected to displace 145 million gallons of gasoline annually, preventing the release of 1.29 million tons of carbon dioxide each year. The project is also expected to benefit Nevada’s economy by creating up to 600 construction jobs and between 250 and 300 permanent, good-paying operations jobs.
Read the full Rhyolite Ridge conditional commitment announcement for more details.
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2022 was a banner year for DOE and the Loan Programs Office. From new legislation to building a robust, multi-billion dollar pipeline of active applications to deploying loans, LPO is poised for another big year of clean energy financing because of the progress made in 2022.
For a detailed review of LPO's 2022, including summaries of new legislation, loan deployments, outreach and intra-agency efforts, application pipeline growth, and project portfolio developments, see LPO's Year in Review 2022.
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In December of 2021, LPO introduced the LPO Monthly Application Activity Report (MAAR) to help the general public understand the level of active interest from applicants in LPO financing programs, including: (1) the number of active applications, (2) the cumulative funding requested by those applications, (3) the rolling average of new applications per week, and (4) how application amounts requested break down across major clean energy and advanced transportation technology sectors.
Just over a year later, LPO marked the first anniversary of this public reporting of its application pipeline by providing some insights into application pipeline trends over the last year as well as expanding the MAAR reporting to include information about the geographic diversity of proposed project locations.
Read the full blog entry for LPO's analysis of 14 months of application data, including five key insights.
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LPO "Tech Talks" is a blog series that dives deep into the major clean energy and advanced transportation technology sectors that may be eligible for project financing through LPO loan programs.
The latest entry in the series focuses on Advanced Nuclear, which is poised to become an increasingly important source of safe, reliable, and flexible baseload power as the nation decarbonizes its energy systems. And with the future of nuclear energy likely geared toward small modular reactors (SMRs) and the supply chains needed to build them, LPO has new tools available to support those projects and others.
Read the full blog article to see how LPO can finance innovative projects across the advanced nuclear supply chain, including leveraging new authority Congress provided in the Energy Act of 2020 to add nuclear supply component projects to the existing nuclear facilities category.
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LPO is excited to introduce the second installment of our "Next Generation of LPO Financing" illustrated poster series, which highlights the LPO technology sectors used in reporting our application activity every month (see: Energy.gov/LPO/MAAR). This poster release features two sectors that hold promise for immediate commercial scale-up and emissions reduction impact: Virtual Power Plants and Offshore Wind.
Each poster in the series features a broad clean energy sector and spotlights some of the technologies of particular market interest within it, drawing attention to the opportunities for—and challenges to—scale-up and full commercialization for each.
You can find downloadable versions of the latest illustrated posters and previous ones—as well as more information about their corresponding sectors and how LPO may be able to provide project financing for each—at Energy.gov/LPO/Posters and at the following tech sector pages:
Advanced Fossil Tech Page
Critical Materials Tech Page
Hydrogen Tech Page
Offshore Wind Tech Page
Virtual Power Plants Tech Page
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LPO Reaches Out to Stakeholders Nationwide About New Programs and Expanded Loan Authority
LPO continues its outreach to stakeholders and potential applicants across the nation, speaking at conferences and to industry audiences about available DOE financing and the expansion of loan authorities and project eligibility made available through the Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA).
For instance, in mid-December, LPO Director Jigar Shah joined Reimagine Appalachia and the Rocky Mountain Institute (RMI) to discuss the Energy Infrastructure Reinvestment (EIR) Program, which gives LPO the authority to guarantee loans to projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations; or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or anthropogenic emissions of greenhouse gases.
See the full recording of the webinar here.
Major Upcoming Events
BNEF Summit San Francisco • 30-31 Jan 2023 • San Francisco, CA
NARUC 2023 Winter Policy Summit • 12-15 Feb 2023 • Washington, DC
CERAWeek • 6-10 Mar 2023 • Houston, TX
Reservation Economic Summit 2023 • 3-6 Apr 2023 • Las Vegas, NV
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Sign up for clean energy financing updates from LPO
Subscribe to LPO's monthly email newsletter to stay up to date with the latest from the U.S. Department of Energy Loan Programs Office, including announcements about our financing programs, news about our portfolio projects, and ways to engage with our team about your project!
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LPO's Financing Programs
Learn more about LPO and all of its financing programs at: Energy.gov/LPO
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