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Biden Energy Loan Revamp Starts With $1 Billion for Hydrogen

  • $1.04 billion loan guarantee goes to Nebraska hydrogen project
  • Government loan backing seen vital to clean energy deployment
President Joe Biden 

President Joe Biden 

Photographer: Samuel Corum/Bloomberg
Updated on

The U.S. Energy Department said Thursday it would back a Nebraska project to convert natural gas into hydrogen, marking the first conditional loan guarantee of its kind under President Joe Biden.

With an up to $1.04 billion loan that would be guaranteed by the Energy Department, the commercial-scale venture by Monolith Nebraska LLC aims to supply hydrogen to the agriculture sector. Carbon black also produced at the site would be put to use in tires, plastic production and other materials.