U.S. Offering Another $1 Billion for Advanced Energy Technology
- Funding comes from same program that guaranteed Solyndra loan
- Loan program's portfolio expected to deliver $5 billion return
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The U.S. Energy Department is offering another $1 billion to companies developing innovative energy systems, Secretary Ernest Moniz will announce Wednesday.
The department’s loan programs office now has $4.5 billion available for loan guarantees for renewable energy, up from $4 billion. Funding for the advanced fossil energy projects initiative has been boosted to $8.5 billion from $8 billion. The programs also support energy storage, smart grid technology and methane capture for oil and natural gas wells.