California unveils $90m Clean Energy Manufacturing Program
In NewEnergyWorldNetwork.com, February 25 2010
‘California’s manufacturing base has eroded 32 per cent since 2001,’ said California Energy Commission Chairman Karen Douglas. ‘In these challenging fiscal times, clean energy products development has become an economic bright spot. Unfortunately, many energy businesses find it difficult to raise the capital required to produce new energy efficiency and renewable energy products and technologies, to create alternative and renewable fuels, and to build new vehicles and vehicle components. Now, with the help of state and federal stimulus funds, we will be able to offer funding to support the return of manufacturing jobs to our state.’
The Clean Energy Manufacturing Program will combine two initiatives that offer California-based clean energy businesses a combination of financing options including grants, loans, loan guarantees, tax-exempt financing, production incentives, sales tax incentives and credit enhancements, said the Commission. The Clean Energy Manufacturing Program leverages public and private funds, said the Commission, which expects low-interest loans to be available by late spring.
The Program uses the remaining American Recovery and Reinvestment Act State Energy Program funds from $226m the Commission received to implement public and private sector initiatives, providing $30.6m in low-interest loans to private businesses that improve or expand their energy efficiency or renewable energy manufacturing facilities in California.
The existing Alternative and Renewable Fuel and Vehicle Technology Program, offers $59.5m in state funding to companies developing alternative and renewable fuels and advanced transportation technologies. Its areas of funding include $21.5m for biomethane production projects, $6m in ethanol production incentives, and $13m to aid advanced biofuel production.