Biden Administration Accelerates Clean Energy Loan Approvals Before Trump Takes Office
The U.S. Department of Energy (DOE) is rapidly approving loans for domestic clean energy projects as President-elect Donald Trump’s inauguration approaches. These funds, primarily allocated under Biden’s Inflation Reduction Act (IRA), are bolstering American manufacturing of sustainable technologies—with major automakers, battery producers, and EV charging companies among the top recipients.
Why the Rush?
President-elect Trump has vowed to cancel unspent IRA funds, which have already spurred $112 billion in private investments—particularly in EV battery factories, many located in Republican-led districts. The DOE is leveraging two key programs to distribute these loans:
- Advanced Technology Vehicles Manufacturing (ATVM): Revived under Biden, this program previously saved Tesla with a $465 million loan in 2009.
- Title 17 Clean Energy Financing Program: Expanded by the IRA to support large-scale renewable energy projects.
A core requirement: Companies must create high-quality jobs and engage with local communities.
Recent Loan Approvals: Who’s Benefiting?
Here’s a breakdown of the biggest recent loans, totaling nearly $16 billion:
1. EVgo: $1.25 Billion for Nationwide Charging Infrastructure
- Purpose: Install 7,500 public EV chargers at 1,100 stations.
- Tech: 350kW fast chargers compatible with CCS and NACS ports.
- Timeline: Deployment over five years.
2. Eos Energy Enterprises: $303.5 Million for Grid-Scale Batteries
- Goal: Build production lines for stationary batteries capable of powering 130,000 homes annually.
- Jobs: Up to 1,000 new positions.
3. Stellantis-Samsung (StarPlus Energy): $7.54 Billion Conditional Loan
- Project: Two lithium-ion battery factories in Kokomo, Indiana.
- Output: 67 GWh annually—enough for 670,000 EVs.
- Jobs: 3,200 construction and 2,800 operational roles.
4. Sunwealth: $289.7 Million for Solar and Storage
- Scope: 1,000 solar PV and battery systems across 27 states.
- Employment: 3,700 jobs, including 1,900 in installation.
5. Rivian: $6.6 Billion Conditional Loan
- Use: Resume construction of Georgia EV factory.
- Impact: 7,500 jobs by 2030; production starts in 2028.
The Bigger Picture
These loans underscore the Biden administration’s push to solidify America’s clean energy infrastructure before potential policy shifts. While the projects promise economic growth and job creation, their long-term success may hinge on the next administration’s stance toward renewable energy incentives.
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