The US Department of Energy said on Thursday that it will assist a natural gas-to-hydrogen plant in Nebraska, making it the first conditional loan guarantee under President Joe Biden’s administration.
Monolith Nebraska Energy and Chemical Company’s commercial project plans to sell hydrogen to the agriculture sector with a $1.4 billion loan guaranteed by the Ministry of Energy.
Tires, polymers, and other products will be made with some of the carbon generated at the facility.
The action brings the Department of Energy’s Office of Lending Programs back to life, with a goal of using more than $40 billion in loans to speed the development and adoption of renewable energy technology.
This is the first conditional loan guarantee provided by the Biden administration and the first for a non-nuclear project since 2016.
