The Department announced a conditional commitment for a $259 million Advanced Technology Vehicles Manufacturing (ATVM) loan to aluminum manufacturer Alcoa, Inc. that would support the company’s Alcoa, Tennessee, manufacturing facility, where the company will produce high-strength aluminum sheet for North American automakers looking to lightweight their vehicles.
LPO helped finance the first five utility-scale PV projects larger than 100 MW in the U.S. With Desert Sunlight now fully operational, all five projects are online, generating clean electricity and repaying loans. The initial investments made by LPO helped build a market that subsequently financed an additional 17 projects larger than 100 MW without help from the Department.
This morning, the Department announced that it is making $12.5 billion in loan guarantees available for Advanced Nuclear Energy Projects. My colleagues in the Loan Programs Office (LPO) and I are following up on this announcement by discussing the role loan guarantees can play in helping to build a strong U.S. nuclear power industry for the future before a gathering of industry professionals at the Nuclear Power International conference.
The Department of Energy’s Loan Programs Office (LPO) is going on the road. From Seattle to St. Louis, New York to Nashville, and points in between, members of the LPO team are traveling to as many cities in the U.S. as they can.
The team is following my lead to talk with state and local government agencies, colleges and universities, trade associations, and energy leaders across the country.
Coal remains an important part of the nation’s all-of-the-above energy strategy and advanced fossil energy technologies will play a large role. The Department is working with the industry to support those innovative technologies from the lab to commercial scale.
When he announced the creation of the White House Rural Council, President Obama said, “Strong rural communities are key to a stronger America.” Strengthening America’s energy generation and transmission will play an important role in this opportunity for rural communities.
The Department of Energy’s Loan Programs Office (LPO) is announcing two administrative updates to its Section 1703 loan guarantee program. This program was authorized by Title XVII of the Energy Policy Act of 2005 and issues loan guarantees to eligible innovative energy projects.
The Department of Energy announced that it has issued a conditional commitment for a $150 million loan guarantee to the Cape Wind Project, which would be the first offshore wind energy project in the U.S. if constructed off Nantucket Sound. It could supply approximately 75 percent of the electricity needs of Cape Cod and the Islands.
Recent milestones by Nissan and Tesla highlight the growing demand for advanced technology vehicles and with nearly $16 billion in remaining loan authority, the ATVM Loan Program can play an important role in meeting that demand and the President’s average fuel efficiency goal.
America’s love of the pickup truck is what makes us so excited by this week’s announcement that Ford has sold its 500,000th 3.5-liter V6 EcoBoost®-equipped F-150 truck. The EcoBoost achievement is the latest success story for the Department’s Loan Programs Office (LPO).
The continued success of America’s auto industry depends on innovation and next-generation technologies that consumers all over the world increasingly demand -- and the Energy Department is playing an important role in this global competition.