The Biden administration has rebooted the Energy Department’s green loan program that lent hundreds of millions of taxpayer dollars in the Obama-era to the now-defunct green energy company, Solyndra, according to an announcement.
The Advanced Clean Energy Storage project in Utah will receive the loan, leaving $2.5 billion for other clean energy projects, the Department of Energy (DOE) stated Wednesday.
The Loan Programs Office last was active in the Obama administration and granted the solar-call firm Solyndra $500 million, which then went bankrupt in 2011, Politico reported. After breaking ground on the energy company, Solyndra then went bankrupt and could not continue operating, with the burden falling on the taxpayers.
The $504.4 million loan will be used to construct the world’s largest clean hydrogen storage facility, the DOE said in its announcement
h/t Coastie Patriot