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DOE Loan Programs Office
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https://content.govdelivery.com/accounts/USDOELPO/bulletins/3491379
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IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
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Another massive boost for America's domestic EV battery supply chain! LPO announced in February a $2.0 billion conditional commitment to Redwood Materials for the construction and expansion of a battery materials campus in McCarran, Nevada.
If issued, this Advanced Technology Vehicles Manufacturing (ATVM) loan will finance the first domestic facility to support production of anode copper foil and cathode active materials in a fully closed-loop lithium-ion battery manufacturing process by recycling end-of-life battery and production scrap and remanufacturing that feedstock into critical materials. At full production capacity, the project’s critical material output is anticipated to support the production of more than 1 million EVs per year, reducing annual gasoline consumption by over 395 million gallons and avoiding more than 3.5 million tons of CO2 emissions each year. The project is expected to create approximately 3,400 good-paying construction jobs and employ approximately 1,600 full-time employees, including labor, technical staff, and onsite management.
Read the full Redwood Materials conditional commitment announcement for more details and see a recording of the Redwood Materials conditional commitment announcement event featuring remarks by U.S. DOE Secretary Jennifer Granholm.
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In the last few months, LPO has made four major announcements related to critical materials and the electric vehicles (EV) battery manufacturing supply chain that depends on them: loans closed with Ultium Cells and Syrah Vidalia, as well as conditional commitments to Rhyolite Ridge and Redwood Materials. These projects support critical materials processing, recycling, and the manufacture of EV battery cells, and LPO Director Jigar Shah recently took a look at how they fit together to bolster the domestic battery supply chain and EV production.
As Director Shah writes: "If we want to reach our decarbonization goals, we need to electrify transportation at mass scale and as fast as possible, while ensuring stable supply chains for batteries and the critical minerals that power them. LPO is getting us closer to that goal by implementing appropriated funding toward projects that are re-shoring and onshoring electric vehicle and critical minerals supply chains."
Read the full Critical Materials sector spotlight to learn how LPO implements appropriated funding and supports U.S. critical minerals projects in line with the Biden Administration’s clean energy goals.
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A recent installment of LPO's "Getting to Know LPO" blog series took a closer look at the Tribal Energy Finance program, which supports tribal investment in energy-related projects by providing access to loans and loan guarantees to Indian tribes or tribal energy development organizations (TEDOs) for energy development.
To learn how qualified tribal energy projects may access capital through this program and to learn more about LPO's Tribal Energy Finance team, read the full blog. You can also make plans to meet the team at RES 2023—the National Center For American Indian Enterprise Development's Reservation Economic Summit—from April 3-6, 2023 in Las Vegas, Nevada, where LPO will be participating in conference panels, have a booth in the government pavilion, and meeting space available for one-on-one meetings.
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With February's announcement of yet another conditional commitment—this time for a $2.0 billion critical materials loan to Redwood Materials—you may be wondering what is a "conditional commitment" and how does it differ from a closed loan?
In this video, LPO Director Jigar Shah explains everything you need to know about about conditional commitments, which the Department of Energy offers prior to issuing a loan, indicating that the Department expects to support the project.
Watch the video and read the transcript on LPO's blog.
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LPO Partners with SEPA to Host VPP Workshop on "Demystifying Virtual Power Plants" Following NARUC 2023 Winter Policy Summit
On February 15th, the Smart Electric Power Alliance (SEPA), in partnership with NARUC, LPO, and the DOE Office of Electricity, hosted a workshop following the NARUC Winter Policy Summit discussing the fundamentals of virtual power plants (VPPs).
After opening remarks were given by LPO Director Jigar Shah and SEPA President & CEO Sheri Givens, panel discussions included leaders from across regulatory, utility, and private sector organizations, addressing VPP applications like vehicle-to-grid, solar+storage, and grid-interactive buildings. Panelists shared their expertise, case-studies on how VPPs have been deployed, and their vision for VPPs as a tool to meet decarbonization, resilience, and cost-reduction goals.
To learn more, check out LPO's VPP sector page and see LPO's "VPPieces" blog series, where Director Jigar Shah examines technical, financial, and policy aspects of VPPs, from benefits to affordability to barriers to deployment and scale-up.
Major Upcoming Events
CERAWeek 2023 • 6-10 Mar 2023 • Houston, TX
Reservation Economic Summit 2023 • 3-6 Apr 2023 • Las Vegas, NV
DOE Floating Offshore Wind Shot Summit • 22-23 Feb 2023 • Virtual Event
NREL Industry Growth Forum • 2-3 May 2023 • Denver, Colorado
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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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