Boosting domestic EV supply chains, supporting consumer safety, and creating good-paying, high-quality American jobs! (See: https://lnkd.in/g8NjbexH) Today, LPO announced a conditional commitment for a direct loan of up to $670.6 million to Aspen Aerogels to help finance the construction of an aerogel blanket manufacturing facility in Register, Georgia.
Aspen’s PyroThin® aerogel thermal barriers are used as a protective layer within electric vehicle (EV) batteries, enabling EV manufacturers to achieve critical battery safety goals. This project helps the U.S. meet expected future demand for EV adoption and reinforces the Biden-Harris administration’s “Investing in America” agenda to onshore and re-shore domestic manufacturing technologies that are critical to meeting the administration’s goal that half of all new vehicles sold in 2030 are zero-emissions vehicles.
Operating at full capacity, the Georgia factory is expected to supply thermal barriers for over 2 million vehicle batteries annually and—in support of the administration’s efforts to deliver good-paying, high-quality jobs to communities across the country—is expected to create up to 550 construction jobs and 255 permanent, full-time operations jobs, boosting the regional economy. This project adds to the nearly 16 million jobs created since President Biden and Vice President Harris took office.
As with all conditional commitments that LPO offers, it’s important to note that while this conditional commitment indicates the U.S. Department of Energy (DOE)’s intent to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
LEARN MORE:
• What is a Conditional Commitment & How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ
• Advanced Transportation Financing via LPO’s Advanced Technology Vehicles Manufacturing (ATVM) Loan Program: Energy.gov/LPO/ATVM
• The Biden-Harris Administration’s “Investing in America” Agenda: WhiteHouse.gov/Invest
• Read about other project announcements on LPO’s blog: https://lnkd.in/g23s_Uk4
• Explore LPO’s full portfolio of projects: https://lnkd.in/gDnF2A6W
