U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former President Donald ...
- U.S. miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of concern that former President Donald Trump would, if reelected, block funding needed to boost American output of critical minerals for the energy transition.
The average LPO loan is for $1 billion and each must be reviewed by the office and others across government - including engineers, financial experts and even Energy Secretary Jennifer Granholm - before funds are dispersed. LPO staff members have told applicants they will be unable to finalize many outstanding loans before January given the need to closely scrutinize each project's credit worthiness and other factors, with most loans by necessity falling to the next president to address, three sources with direct knowledge of the conversations said.The U.S.
Plug Power, which is building multiple U.S. hydrogen plants, said it is working closely with the Energy Department to finalize its $1.66 billion loan. "Given the resilience of programs through previous administration changes, we remain confident that subsequent administrations will continue to support projects that have received prior conditional approval," Andy Marsh, Plug Power's CEO, told Reuters.
Li-Cycle said it continues "to work closely with the U.S. Department of Energy on key technical, financial and legal workstreams to advance towards definitive financing documentation for a loan."Another executive with a loan pending before the LPO said they believe Trump understands that EVs will grow in popularity, a stance echoed by some Republicans.
Department Of Energy Joe Biden Government Loans LPO Kamala Harris Plug Power Redwood Materials Minerals Lithium Americas
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