Biden Energy Loan Revamp Starts With $1 Billion for Hydrogen

December 28, 2021

The U.S. Energy Department said Thursday it would back a Nebraska project to convert natural gas into hydrogen, marking the first conditional loan guarantee of its kind under President Joe Biden.

With an up to $1.04 billion loan that would be guaranteed by the Energy Department, the commercial-scale venture by Monolith Nebraska LLC aims to supply hydrogen to the agriculture sector. Carbon black also produced at the site would be put to use in tires, plastic production and other materials.

The move represents a revival of the Energy Department’s loan programs office, which aims to use more than $40 billion in loan authority to accelerate the development and deployment of clean-energy technologies. The conditional loan guarantee is the first of its kind offered under the Biden administration and the first to go to a non-nuclear project since 2016.

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