Bakken Energy Reaches Key Application Milestone for $1.7b Loan Guarantee From the U.S. Department of Energy

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    Bismarck, N.D., United States:
     

    Bakken Energy, by its subsidiary Great Plains Hydrogen, LLC, has been invited by the U.S. Department of Energy’s Loan Programs Office (LPO) to submit a Part II utility beneath the Title XVII Innovative Clean Energy Loan Guarantee Program. The invitation is a crucial milestone in Bakken’s course of in making use of for DOE financing for $1.7 billion of Bakken’s $2.35 billion clear hydrogen venture.


     

    Established through Title XVII of the Energy Policy Act of 2005, the DOE-backed mortgage, if awarded after DOE evaluations the Part II utility and completes subsequent due diligence, will assist the acquisition of the Great Plains Synfuels Plant in North Dakota and its redevelopment right into a world class manufacturing facility with low-cost clear hydrogen. Achieving this invitation to the Part II course of is a key milestone for Bakken in the Department of Energy’s LPO course of.


     

    The invitation states that “while this invitation from the DOE LPO does not guarantee or imply that Great Plains Hydrogen, LLC will be invited any further forward in the process, LPO does not extend this invitation lightly, and believes that the Company and the Project have the potential to join the LPO portfolio.” DOE’s invitation to submit a Part II utility is just not an assurance that DOE will invite the applicant into the due diligence and time period sheet negotiation course of, that DOE will supply a time period sheet to the applicant, or that the phrases and circumstances of a time period sheet will likely be in step with phrases proposed by the applicant. The foregoing issues are wholly depending on the outcomes of DOE overview and analysis of a Part II utility, and DOE’s willpower whether or not to proceed.

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    “We are grateful to the DOE LPO for the confidence it has shown this project in advancing it to the Part II process. Bakken Energy is proud to have met their stringent Part I requirements and mindful that the magnitude of the project is historic not just for clean hydrogen, but for the whole clean energy industry,” mentioned Bakken Energy Chairman and Founder Steve Lebow.


     

    “The transformation of the Great Plains Synfuels Plant is a challenging and important undertaking but is just the first in a series of clean hydrogen projects we and our partners are developing. As these projects come online, they will establish North Dakota as the leader in the affordable clean hydrogen production economy,” mentioned Mike Hopkins, CEO of Bakken Energy.


     

    Bakken Energy has partnered with Mitsubishi Power Americas on this primary clear hydrogen manufacturing facility that may have an estimated gross manufacturing capability of 381,000 metric tons/yr of clear hydrogen.


     

    The venture will make use of new and considerably improved applied sciences together with ultra-high effectivity, state-of-the-art Auto-Thermal Reforming (ATR) expertise and ensures larger than 95% seize charges for resultant CO2 whereas delivering economical hydrogen manufacturing. This clear hydrogen manufacturing facility will present clear hydrogen to our goal markets of long-haul trucking and agriculture in the Upper Midwest area.


     

    In addition, Bakken Energy has partnered with the Mandan, Hidatsa, Arikara (MHA) Nation to make use of low carbon depth clear hydrogen manufacturing processes to work towards the elimination of pure fuel flaring and the associated CO2 emissions from flaring on the Fort Berthold Indian Reservation. Bakken Energy will seize pure fuel that may in any other case be flared and convert it into clear hydrogen.

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    “We are proud to be working alongside the MHA leadership, and thank them for their ongoing support and partnership,” Hopkins mentioned.


     

    “The projects we are developing are examples of Bakken Energy’s commitment to produce the lowest cost clean hydrogen and materially contribute to the development of the hydrogen economy in the United States,” mentioned Steve Lebow.


     

    About Bakken Energy


     

    Bakken Energy is an modern clear hydrogen firm working to grow to be the largest producer of reasonably priced clear hydrogen in the U.S. Its mission is to decarbonize the laborious to decarbonize sectors of the economy with reasonably priced clear hydrogen and to develop the future hydrogen economy that leads towards a zero-carbon future.


     


     







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