DOE Announces Two More Loan Guarantees

steven chu smiling

The ever busy Department of Energy announced two more loan guarantees today worth $59 million.

Nordic Windpower will get $16 million for a tooling and commercial scale up of a plant in Idaho. Beacon Power, an energy storage company is receiving a $43 million loan guarantee to construct a 20 MW flywheel energy storage plant in New York.

These are the third projects approved by the DOE this year under this program which is based on legislation passed in 2005. Solyndra received a loan guarantee at the start of the year.

Beacon says the financing will cover 62% of the total project costs. It will be interesting to see how their technology works out, as one of the biggest impediments to implementing clean tech such as wind and solar on a massive scale is energy storage.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.