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us-doe-guarantees-504m-loan-to-hydrogen-and-energy-storage-project
us-doe-guarantees-504m-loan-to-hydrogen-and-energy-storage-project

US DOE guarantees $504m loan to hydrogen and energy storage project

The US Department of Energy (DOE) on Wednesday (June 8) said it has closed a $504.4m loan guarantee for what is said to be the world’s largest clean hydrogen and energy storage project in Utah.

The loan is set to help the construction of the Advanced Clean Energy Storage (ACES) project in Delta, Utah, launched by Mitsubishi Hitachi Power Systems and Magnum Development.

Set to produce and store hydrogen from renewable electricity in a series of underground salt-dome caverns, ACES boasts a 150GWh capacity, making it the largest of its kind in the world.

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