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DOE Loan Programs Office
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IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
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This month, LPO announced a conditional commitment to CelLink Corporation (CelLink) for a $362 million loan through the Advanced Technology Vehicles Manufacturing program to help finance the construction of a domestic manufacturing facility to produce lighter and more efficient flexible circuit wiring harnesses for automotive and other industries.
Once fully operational, the facility located in Georgetown, Texas is expected to produce flex harnesses to support approximately 2.7 million electric vehicles per year and displace an estimated 7.7 million gallons of gasoline annually due to weight and space savings of the flex harnesses.
As with all conditional commitments that LPO offers, it's important to note that the expected DOE loan will only be issued pending the satisfaction of certain conditions, including final legal, contractual, technical, and financial requirements that the conditional commitment specifies.
Read the full CelLink conditional commitment announcement for more details.
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On May 19, LPO released updated Program Guidance for the Title 17 Clean Energy Financing Program to update program eligibility, application requirements, and evaluation criteria; consolidate several existing solicitations into one easy-to-read document; and to incorporate new authorities established by the Infrastructure Investment and Jobs Act (IIJA) in 2021 and the Inflation Reduction Act (IRA) in 2022. Those include the Energy Infrastructure Reinvestment (EIR, Section 1706) authority and a new category of financing under section 1703 for projects supported by a State Energy Financing Institution (SEFI).
After consulting the Program Guidance, interested parties are invited to request a no-cost pre-application consultation. To facilitate a productive consultation, all potential applicants are encouraged to include information summarizing the project goals, technology, financing needs, and timing. During the consultation, LPO will work with you to determine whether the project may be eligible for financing.
Read the full announcement for more details, including links to download application instructions and more information about eligible Title 17 project categories.
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For this month's LPO Sector Spotlight, Director Jigar Shah examines how LPO is supporting advanced nuclear projects across the United States. As Director Shah notes, to meet President Biden’s goals to achieve a clean grid by 2035 and reach a net zero emissions economy-wide by 2050, an array of decarbonization technologies—including clean firm power like nuclear energy—will play a critical role. Advanced nuclear will become an increasingly important source of safe, reliable, and flexible baseload power as the nation decarbonizes its energy systems, and along with other firm and flexible energy sources, will help ensure there is reliable and affordable energy on a modern, decarbonized grid.
Read the full Advanced Nuclear sector spotlight for more insights into the market dynamics of advanced nuclear and an overview of how LPO is actively working to support scale-up of the sector.
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LPO wants to ensure that the projects it helps to finance are subject to a comprehensive environmental review and address community issues, so that all parties can work to create a stronger more resilient community in the energy transition. To ensure that major federal actions, including federal financial assistance, address these related issues proactively, the National Environmental Policy Act (NEPA) became law in 1970.
NEPA was the first major environmental law that requires federal agencies to assess the environmental effects of proposed major federal action prior to making decisions. All projects receiving LPO loans and loan guarantees are subject to a NEPA review, which involves a full analysis of a project’s potential environmental and socioeconomic impacts and is a required step in LPO’s comprehensive due diligence process. The NEPA process is integral to LPO’s review of applications and ensures that LPO considers the environmental impact of its action (providing a federal loan or loan guarantee) in its decision-making process.
Read the full blog to learn more about the LPO NEPA process.
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LPO is excited to introduce the third 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 tech sectors that hold promise for immediate commercial scale-up and emissions reduction impact: Biofuels and Storage.
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:
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In early May, members of LPO's Outreach & Business Development team were in National Harbor, Maryland at the U.S. Department of Commerce's weeklong SelectUSA Investment Summit, meeting in-person with companies, founders, and innovators about prospective projects. The LPO team looks forward to following up on those dozens of meetings and introductions and continuing our conversations with potential applicants!
If you didn't have a chance to meet with the LPO team at the SelectUSA Summit or other recent outreach events, contact us and let’s talk about your project! Potential applicants may contact LPO at any time to schedule a no-fee, no-commitment pre-application consultation to discuss your proposed project and learn about LPO's process before formally applying. For more information, go to: Energy.gov/LPO/Pre-App
You can also call or write with any questions you may have: Energy.gov/LPO/Contact-Us and learn more about LPO and all of its financing programs at: Energy.gov/LPO We look forward to working with you!
Major Upcoming Events
Battery Gigafactories USA 2023 • 8-9 Jun 2023 • Washington, DC
2023 Northwest Tribal Clean Energy Summit • 13-15 Jun 2023 • Tulalip, WA
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