Advanced clean energy storage project receives $500 million conditional commitment from U.S Department of Energy

The U.S. Department of Energy’s (DOE) Loan Programs Office announced today that it has issued a conditional commitment to Advanced Clean Energy Storage I, LLC, and Mitsubishi Power Americas, Inc. and Magnum Development, LLC, and Haddington Ventures, LLC, for up to $504.4MM in debt financing for the Advanced Clean Energy Storage Project, expected to be the world’s largest industrial green hydrogen production and storage facility (the “Project”). This conditional funding commitment signifies the latest development milestone for the Project.

The industry-leading Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019, and within three years is in the final stages of debt and equity closing. Currently, the hub has secured all major contracts including offtake; engineer, procure and construct (EPC) contractors; major equipment suppliers, and Operations and Maintenance (O&M) providers. Haddington Ventures, the financial advisor for the hub and equity sponsor of Magnum Development, is securing $650MM through its Equity Syndication Program. These critical financial investments will ensure the future growth and scalability of the hub.

“We are unbelievably excited to reach this important milestone, not just for our hub, but for the hydrogen industry as a whole,” said Michael Ducker, Senior Vice President of Hydrogen Infrastructure for Mitsubishi Power Americas and President of Advanced Clean Energy Storage I. “Equally rewarding is having spent the past year partnering and working with such a forward-thinking and incredibly talented team from the Intermountain Power Agency to trail blaze this market leading facility. We are honored to be sharing this industry moment with them along with all of our world-class partners joining this effort.”