The U.S. Department of Energy (DOE) today announced it closed on a $504.4 million loan guarantee to the Advanced Clean Energy Storage project in Utah — marking the first loan guarantee for a new clean energy technology project from DOE’s Loan Programs Office (LPO) since 2014. The loan guarantee will help finance construction of the largest clean hydrogen storage facility in the world, capable of providing long-term low-cost, seasonal energy storage, furthering grid stability. The project is expected to create up to 400 construction and 25 operations jobs, advancing President Biden’s climate and clean energy deployment goal of net zero emissions by 2050.
