Project co-development partners Mitsubishi Power Americas and Magnum Development said yesterday that the project has been invited to apply for up to US$595 million in loans from the US Department of Energy’s Loans Program Office.
The Loans Program Office’s role is to accelerate commercial deployment of innovative energy infrastructure technology at large-scale that provides greenhouse gas and air pollution reduction benefits.
As the infographic from the project partners shows below, the Utah green hydrogen hub would take excess power generated from hydroelectric, geothermal, solar and wind and electrolyse it into hydrogen for storage in the salt caverns, where it can later be used for power, industrial and transport applications.
The application for the loan will be submitted by the project’s financial advisor Haddington Ventures.
Mitsubishi Power Americas has recently stepped up its involvement in the hydrogen sector, including the launch of what the company claimed is a simplified and standardised offering for commercially integrating hydrogen at large-scale into energy systems. This will initially be used to integrate green hydrogen into about 3GW of natural gas plants in New York, Virgina and Ohio.
The company has also signed a joint development agreement to focus on decarbonisation tech with US integrated energy company and utility Entergy including green hydrogen, renewables, utility-scale battery storage, nuclear-supplied electrolysis with energy storage and combined cycle gas turbines with hydrogen burning capabilities.