The Loans Programs Office (LPO) of the United States Department Of Energy (DoE) has closed a $504.4 million loan guarantee for an Advanced Clean Energy Storage (ACES) project in Utah. It is the LPO’s first approval in the last eight years.
LPO has guaranteed the loan on a conditional commitment for the Utah project, banking on the long-term storage of green hydrogen. At the Utah facility, 220 MW of alkaline electrolysis will be combined with 4.5 million barren salt caverns, producing clean hydrogen.
The storage facility, touted to be the largest in the world, is aimed at green hydrogen production and is an ambitious milestone for President Biden’s decarbonization and climate goals toward net-zero emissions by 2050.
With its low-cost, seasonal energy storage that will add to grid stability, the Utah facility is expected to create 400 construction and 25 operation…
DOE Announces First Loan Guarantee for a Clean Energy Storage Project in Eight Years
