2021 infographic on the project. Image: Mitsubishi Power Americas.
Advanced Clean Energy Storage Project, claimed as the largest green hydrogen storage hub planned globally, will get US$504.4 million loan funding from the US Department of Energy (DOE).
The DOE’s Loan Programs Office said yesterday that it has closed on the half-billion-dollar loan guarantee for the planned facility in Utah, which will combine 220MW of alkali electrolysers with storage capacity in vast salt caverns with 4.5-million-barrel capacity.
The Loans Program Office (LPO), which reopened in the early weeks of President Joe Biden’s term with solar industry veteran Jigar Shah at the helm, offered the loan in late April this year, after inviting the project’s co-development partners Mitsubishi Power Americas and Magnum Development to apply, just under a year before that in May 2021.
While…