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The US Department of Energy plans to cancel seven major loans for green projects
The projects, which had been conditionally approved by the Department of Energy’s Loan Programs Office, are mostly battery factories.
The DOE’s Loan Programs Office has long been a political lightning rod, a $400 billion war chest for cutting-edge clean tech projects that need help crossing from concept to commercialization. At least one of the newly-cancelled projects was already on life support: The Wall Street Journal reported in September that Monolith was running out of cash and struggling to meet the minimum production requirements for its loan. One of these is a steel factory in Ohio that originally planned to use federal funding to switch from coal to hydrogen, but now is considering “ readily available and more economical fossil fuels ” to “better align with the administration’s energy priorities,” Heatmap reported.
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