The Biden administration announced a new $306 million conditional commitment for a loan guarantee Monday — the latest announcement as it eyes the return of President-elect Donald Trump, who has vowed to roll back spending.
The conditional commitment from the Energy Department’s Loan Programs Office will go toward financing cold thermal energy storage installations across California.
The new commitment continues a wave of action from the loan office in the closing weeks of the Biden administration that has drawn criticism from some congressional Republicans, as well as one of the heads of the incoming administration’s so-called Department of Government Efficiency.
The conditional commitment to IceBrick Energy Assets I — a subsidiary of Nostromo Energy — would help finance a virtual power plant consisting of up to 193 cold thermal energy storage installations at commercial buildings, the loan office said on Monday.
