|
|
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/38b655f
|
|
IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
|
|
|
Jump to table of contents
The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) has announced a conditional commitment to SK Siltron CSS, LLC for a $544 million loan to expand American manufacturing of high-quality silicon carbide (SiC) wafers for electric vehicle (EV) power electronics. SiC semiconductors are designed for high-voltage use and are critical components of EV drivetrains, including inverters, and electrical distribution systems like onboard chargers and direct current DC-to-DC converters.
The project is expected to create up to 200 construction jobs in the build-out phase and up to 200 skilled, good-paying operations jobs at full production at the SK Siltron CSS facility located in Bay City, Michigan. The facility is projected to be among the top-five manufacturers of SiC wafers globally—boosting America’s manufacturing competitiveness and expanding our global leadership in the clean energy technologies of the future.
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 SK Siltron CSS conditional commitment announcement for more details.
|
|
|
Jump to table of contents
The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) has announced a conditional commitment to American Battery Solutions (ABS) for a $165.9 million loan to help finance the expansion of an advanced battery pack assembly facility to support light-, medium-, and heavy-duty electric vehicle (EV) and industrial equipment applications at its Springboro, Ohio, and Lake Orion, Michigan, facilities.
If finalized, the loan will help enable ABS’s production of approximately 4.2 GWh of lithium-ion battery packs annually at full capacity by 2026. At that level of battery production capacity, the project could support enough EVs to displace approximately 71,000 metric tonnes of CO2 emissions each year from gasoline-powered vehicles. Upon completion, the project would create or support 460 high-quality, good-paying operations jobs in Springboro, Ohio; Lake Orion, Michigan; and other surrounding communities.
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 ABS conditional commitment announcement for more details.
|
|
|
Jump to table of contents
LPO provides high-impact project financing for early adoption of energy technologies. To successfully execute this mission, the office must take on risk while ensuring borrowers meet a reasonable prospect of repayment in order to protect taxpayer dollars. LPO partners with energy industry entrepreneurs and founders who face traditional barriers to obtaining commercial financing, including but not limited to uncertainty around construction and schedule, operations and maintenance, supply chain and feedstock, offtake, and counterparty credit risk. LPO is a critical partner for the energy industry, and the financing it provides is crucial to supporting projects that help the United States meet its ambitious clean energy deployment and climate goals.
Learn more about how LPO understands and takes informed risks.
|
|
|
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.
This entry in the Tech Talk blog series focuses on the electric vehicle (EV) and fleet charging supply chain, which is a key part of the Biden-Harris Administration’s ambitious goals to decarbonize the power sector by 2035 and the economy by 2050. Michael Reed, LPO’s Director of the Technical and Environmental Division, explains, “LPO financing programs can assist in the manufacture and deployment of EV charging infrastructure to help support affordable and accessible charging nationwide and to make zero-emissions vehicles an attractive option for drivers and fleets of all sizes. ... In addition to benefitting EV drivers themselves, EVs can also improve grid resilience and electricity affordability when connected to a Virtual Power Plant.”
Read the full Tech Talk and learn more about how LPO can finance innovative projects across the EV and fleet charging supply chain.
|
|
|
Jump to table of contents
LPO is excited to introduce the latest 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).
The latest poster features a sector that holds promise for immediate commercial scale-up and emissions reduction impact: Electric Vehicle (EV) Charging. Read the recent tech talk on EV & fleet charging supply chains, and see the full set of LPO Tech Sector posters at: Energy.gov/LPO/Posters.
|
|
|
The Energy Act of 2020 and the Inflation Reduction Act (IRA) of 2022 directed LPO to engage in outreach activities through conferences and online programs to disseminate information about its programs. Below is an overview of major upcoming events.
Recent Events
LPO Senior Advisor Susan Gladwin (second from right) presents at Intersolar North America.
Major Upcoming Events
NARUC Winter Policy Summit • 25-28 Feb 2024 • Washington, DC
Solar + Wind Finance & Investment Summit • 10-13 Mar 2024 • Phoenix, AZ
Reservation Economic Summit (RES) • 11-14 Mar 2024 • Las Vegas, NV
|
|
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
|
|
|
|
|
