|
|
DOE Loan Programs Office
Having trouble viewing this email? View it as a Web page.
Share this issue: https://content.govdelivery.com/accounts/USDOELPO/bulletins/3601e86
|
|
IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
|
|
|
Jump to table of contents
On June 7, 2023, the LPO webinar “Introducing New Guidance for the Title 17 Clean Energy Financing Program” walked attendees through the new program guidance, which updates project eligibility, application requirements, and evaluation criteria, consolidating several existing solicitations into one easy-to-read document.
Notably, the updated guidance also incorporates new authorities established by the Infrastructure Investment and Jobs Act (IIJA) in 2021 and the Inflation Reduction Act (IRA) in 2022, including new Energy Infrastructure Reinvestment (EIR, Section 1706) authority and a new category of financing under the existing section 1703 program for projects supported by a State Energy Financing Institution (SEFI).
Under the Title 17 Clean Energy Financing Program, LPO can finance projects in the United States that support clean energy deployment and energy infrastructure reinvestment to reduce greenhouse gas emissions and air pollution.
Watch the webinar, download the slides, and see LPO's Title 17 Clean Energy Financing Program webpage for more information.
|
|
|
Jump to table of contents
The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) has announced a conditional commitment for an $850 million loan to help finance the construction of KORE Power, Inc.’s advanced battery cell manufacturing facility in Buckeye, Arizona. The facility, called “KOREPlex,” aims to strengthen the domestic battery supply chain by significantly increasing the nation’s battery cell manufacturing capacity for energy storage systems (ESS) and electric vehicles (EVs).
The 1,330,000-square foot KOREPlex building will house two production lines, which will manufacture batteries for EV and ESS. The KOREPlex plant will also produce two unique battery cell chemistries, including both nickel manganese cobalt chemistry, and lithium-iron phosphate, which does not utilize cobalt and may help reduce reliance on foreign supply chains use of that critical material. Intellectual Property, manufacturing processes, and know-how will be onshored by KORE through the construction and operation of the KOREPlex. 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 KORE Power conditional commitment announcement for more details.
|
|
|
Jump to table of contents
As LPO works to onshore critical supply chains that allow the United States to lead in the deployment of these technologies at scale, we may receive interest from borrowers for projects that are part of a global supply chain or present other factors related to potential foreign involvement. However, all LPO-supported projects must be built in the United States, and loans are only made to U.S. entities.
Before issuing a loan, LPO conducts due diligence of all borrowers with rigorous financial, technical, legal, and market analysis by the DOE's professional staff, including qualified engineers and financial and legal experts as well as third-party advisors. In the due diligence process, the Department ensures the project is evaluated to properly identify and manage risks and to ensure the loan will satisfy the intent of the authorizing legislation and provide a reasonable prospect of repayment.
Read the full blog to learn more about LPO’s rigorous evaluation and underwriting process.
|
|
|
Jump to table of contents
For this month's LPO Sector Spotlight, Director Jigar Shah examines how LPO is supporting carbon management projects across the United States. For example, Director Shah explains that LPO’s Title 17 Clean Energy Financing Program may be able to provide access to debt capital to support the domestic deployment of carbon management projects that meet programmatic requirements – including use of innovative technology and the avoidance, reduction, or sequestration of greenhouse gas emissions.
Director Shah also details how LPO partners with DOE’s Office of Fossil Energy and Carbon Management to offer access to capital for large-capacity, common-carrier CO2 transport projects (e.g., pipelines, rail, shipping, and other transport methods) under the Carbon Dioxide Transportation Infrastructure Finance and Innovation Act (CIFIA) Program, as enacted by the Infrastructure Investment and Jobs Act.
Read the full Sector Spotlight on Carbon Management for more insights.
|
|
|
Jump to table of contents
"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.
Another recent addition to the series focuses on hydrogen, which holds versatile end uses, including energy storage, advanced transportation, and as a substitute for carbon-intensive hydrogen currently used in chemicals and industrials. In fact, hydrogen projects will play an important role in meeting the Biden-Harris Administration’s goal of net zero emissions by 2050, particularly in difficult-to-decarbonize industrial and chemical processes like ammonia production and oil refining, as well as transportation use cases such as heavy-duty trucking and aviation fuels.
Read the full Tech Talk on Hydrogen to see how LPO can finance innovative projects across the hydrogen supply chain.
|
|
|
Late May and early June saw LPO's Outreach & Business Development team participate in industry and trade events across the country, from the Battery Gigafactories USA 2023 Conference in Washington, DC to the 2023 Northwest Tribal Clean Energy Summit in Washington State.
If you didn't have a chance to meet with the LPO team at these 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!
Recent Events
Battery Gigafactories USA 2023 • 8-9 Jun 2023 • Washington, DC
36th EV Symposium & Exposition (EVS) • 11-14 Jun 2023 • Sacramento, CA
2023 Northwest Tribal Clean Energy Summit • 13-15 Jun 2023 • Tulalip, WA
Upcoming Events
Financing Infrastructure and Getting to Scale with the Department of Energy Loan Programs Office – An Introduction for State Energy Offices • 22 Jun 2023 • Webinar
U.S. Offshore Wind 2023 • 11-12 Jul 2023 • Boston, MA
2023 NARUC Summer Policy Summit • 16-19 Jul 2023 • Austin, TX
CCS/Decarbonization Project Development, Finance & Investment Summit • 24-26 Jul 2023 • Houston, TX
2023 Energy Storage Grand Challenge Summit • 25-27 Jul 2023 • Atlanta, GA
|
|
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!
|
|
|
You have received this message because you are subscribed to updates from DOE Loan Programs Office. If you received this email update as a forward, be sure to sign up to receive this update in your inbox!
Manage Subscriptions | Unsubscribe All | Help
|
|
|
|
|
