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US DOE Closes $504.4 Million Loan to Advanced Clean Energy Storage Project for Hydrogen Production and Storage

The U.S. Department of Energy’s Loan Programs Office makes its first loan in ten years to the development of the world’s largest green hydrogen hub in Utah.

SALT LAKE CITY, (June 9, 2022) - Mitsubishi Power Americas and Magnum Development today announced the closing of a $504.4 million loan guarantee from U.S. Department of Energy’s (DOE) Loan Programs Office to Advanced Clean Energy Storage I, LLC to develop the world’s largest industrial green hydrogen facility in central Utah. DOE’s loan is its first in more than ten years for a renewable energy project.

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In April 2022, DOE’s Loan Programs Office issued a conditional commitment for ACES I. The loan closed on June 3, 2022, highlighting the Administration and the Energy Department’s commitment towards supporting the clean hydrogen sector. This loan helps generate a viable market for hydrogen and will make it scalable in the western United States and electrical grid, creating the fundamental infrastructure necessary to deploy this zero-carbon energy source.

Source: https://power.mhi.com/regions/amer/news/20220609

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