DOE Fuels Clean Energy Growth with $16 Billion in Loans
The Department of Energy (DOE) has approved a series of loans totaling nearly $16 billion to bolster domestic clean energy manufacturing. This move comes just before President-elect Trump's inauguration, who has pledged to cut unspent funds from the Inflation Reduction Act (IRA).
These loans, facilitated by the Advanced Technology Vehicles Manufacturing (ATVM) and Title 17 Clean Energy Financing programs, aim to create jobs and boost local economies. One notable recipient is EVgo, receiving $1.25 billion to install 7,500 public EV chargers nationwide. Exxon Mobil's plans to power AI data centers with a carbon capture plant further highlight the growing focus on sustainable energy solutions.
Other significant loans include $303.5 million to Eos Energy Enterprises for stationary battery production, and a conditional $7.54 billion loan to StarPlus Energy (Stellantis and Samsung SDI's joint venture) for lithium-ion battery factories in Indiana. These projects are projected to create thousands of jobs and significantly increase battery production capacity. For context on funding trends, see Startups Weekly: Contrarian Bets, Global Funding, and Market Caution.
Additionally, Sunwealth received a $289.7 million loan guarantee for solar and battery storage system deployment, and Rivian secured a conditional $6.6 billion loan to support its Georgia EV factory. These investments demonstrate the DOE's commitment to supporting a wide range of clean energy initiatives. The scale of these investments rivals even major funding rounds like Databricks' $9.5 billion funding round.