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LPO's first clean fuels & products conditional commitment is official! (see: https://lnkd.in/gxQ9PWrc) Today, LPO announced a conditional commitment to Solugen Inc.’s wholly owned subsidiary, Bioforge Marshall LLC, for a $213.6 million loan guarantee to finance the construction of a production facility in Marshall, Minnesota for bio-based organic acids. This commitment represents the single largest U.S. government investment in bioindustrial manufacturing since President Biden signed Executive Order 14081 on Advancing Biotechnology & Biomanufacturing Innovation for a Sustainable, Safe, and Secure American Bioeconomy (see: https://lnkd.in/gzCP96Ap) For the Bioforge project, Solugen will construct, own, and operate a biomanufacturing platform to produce organic acids with a novel technology that leverages enzymes and metal catalysts. The new facility will house three modular trains manufacturing various organic acids for use in the concrete, cleaning, agricultural, and energy industries—cutting harmful emissions from hard-to-decarbonize sectors while helping to support healthier communities across the nation. Bioforge Marshall is a scaled-up version of Solugen’s Bioforge Houston, which has been operating in Texas since 2021 and where its highly efficient production process has led to significantly lower carbon emissions and a higher yield compared to conventional petroleum-based methods for incumbent chemistries. As part of President Biden’s Investing in America agenda to create good-paying, high-quality job opportunities for American workers, this project will create up to 100 jobs during construction, and 56 highly skilled full-time manufacturing jobs once fully operational. The Bioforge project will also help to re-shore industrial production capacity for chemicals that are largely produced in other countries such as China, boosting domestic supply chain resilience and stabilizing costs for industrial offtakers. As with all conditional commitments that LPO offers, it's important to note that while this announcement demonstrates an intent to finance the project, the expected U.S. Department of Energy (DOE) financing will only be issued pending the satisfaction of certain conditions—including final legal, contractual, technical, and financial requirements—that the conditional commitment specifies. LEARN MORE: • What is a Conditional Commitment & How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ • Read about other LPO project announcements: https://lnkd.in/g23s_Uk4 • See how LPO can help support renewable fuels & chemical projects: https://lnkd.in/gBv4ja7G • Info about DOE's Clean Fuels & Products Earthshot: https://lnkd.in/eUaZijby #DOELPO #FinancingAmericanEnergy #BridgeToBankability #DeployDeployDeploy #Liftoff #OpenForBusiness #BuiltInAmerica #FinancingInnovation #FinancingImpact #FinancingClimateSolutions #FinancingCleanProducts #Title17 #InvestingInAmerica #LPONews #ConditionalCommitment

  • LPO Announces $213.6 Million Conditional Commitment to Solugen’s Bioforge Marshall for Sustainable Biomanufacturing

https://www.energy.gov/lpo/articles/lpo-announces-conditional-commitment-solugens-bioforge-marshall-sustainable

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