Cleantech companies have certainly taken notice of DOE moves to revitalize their lending office.
Driving news: “Today we are already receiving an average of about $ 7 billion in applications per month, and more are coming in every day,” Jigar Shah, head of the office, told IHS Markit. recently published interview…
- “We have about 40 applications that we know about and are actively developing,” he said.
- These include advanced nuclear power, renewable energy, efficiency, carbon storage, electric vehicle and battery production, critical minerals and more, ”Shah said in Conversations on CERAWeek.
Why is it important: The office is a DOE tool using existing mandates to support green technology adoption, but it was not used during the Trump years.
The program, which funded Tesla in 2010, other successful projects, but also some failed projects (known as Solyndra), currently has nearly $ 44 billion in funding.
What they say: Here’s some more from an extensive interview …
- Shah discussed the office’s role in a broader effort to address the “grossly unacceptable” pace at which climate solutions are being implemented in the United States.
- He said the rollout is about $ 200 billion a year and should grow to $ 1 trillion to meet the US climate targets.
- He notes that one of the obstacles is the lack of knowledge in the area of project finance and development. “Today we always have too much money and few projects,” Shah said.
- Shah also touched upon specific technologies, at one point noting: “We are going to provide guarantees for geothermal loans for several billion dollars.”