The Biden administration said on Thursday it has offered Monolith Nebraska LLC an up to $1.04 billion conditional loan guarantee for a project to make clean hydrogen, in its first use of an office that has tens of billions of dollars in financing.
The financing from the Department of Energy's Loan Programs Office aims to help Monolith expand its Olive Creek plant to convert natural gas into hydrogen for making products like fertilizer. The plant will also make carbon black, a product used in making tires and other rubber products. The project aims to slash carbon emissions by cutting the use of fuel oil to make those products, the department said.
Under the reins of director Jigar Shah, the LPO has now attracted more than 66 loan and loan guarantee applications, valued at more than $53 billion in clean energy and advanced vehicle technology projects, the LPO said.
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