# DOE hydrogen storage loan guarantee **URL:** \ **Category:** Renewable Energy\ **Created:** [June 27, 2022, 2:10pm UTC](https://discussion.fool.com/t/doe-hydrogen-storage-loan-guarantee/71837 "2022-06-27T14:10:53Z")\ **Posts on this page:** 1\ **Page:** 1
**Author:** ![jaagu](https://sea2.discourse-cdn.com/motleyfoolfree/user_avatar/discussion.fool.com/jaagu/32/6160_2.png) [@jaagu](https://discussion.fool.com/u/jaagu)\ **Post date:** [June 27, 2022, 2:10pm UTC](https://discussion.fool.com/t/doe-hydrogen-storage-loan-guarantee/71837/1 "2022-06-27T14:10:53Z")
The Department of Energy’s (DOE’s) first official loan guarantee for a new clean energy technology project since 2014 will go to the Advanced Clean Energy Storage 1 project in Utah—one of the world’s largest renewable hydrogen energy projects. The DOE on June 8 announced it closed on the $504.4 million loan guarantee for the first phase of the Advanced Clean Energy Storage project. The massive undertaking by ACES Delta, a joint venture comprising Magnum Development, Mitsubishi Power, and Haddington Ventures, seeks to create a new pathway for decarbonization of the Western U.S. grid. The agency offered the project a conditional loan guarantee commitment in April, contingent on several factors, including securing permits and financing for the $1 billion project. The ACES Delta project envisions producing up to 100 metric tonnes per day of hydrogen from water and renewable energy sources using a 220-MW alkaline electrolyzer bank manufactured by Norwegian firm HydrogenPro—one of the largest deployments of its type to date. ACES Delta will store that hydrogen in two gigantic solution-mined caverns sited in the only salt dome in the Western U.S, each of which can store up to 150 GWh of energy. [https://www.powermag.com/massive-utah-hydrogen-storage-proje…](https://www.powermag.com/massive-utah-hydrogen-storage-project-garners-finalized-504m-doe-loan-guarantee/?oly_enc_id=5568E7128245G3Y) Jaak