The California Energy Commission (CEC) has announced the $90 million Clean Energy Manufacturing Program, which will provide financing to manufacturers in the clean energy sector.
‘In these challenging fiscal times, clean energy products development has become an economic bright spot,’ says Karen Douglas, CEC chairwoman. ‘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 programs 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.
The Clean Energy Business Financing Program uses the remaining American Recovery and Reinvestment Act State Energy Program funds to provide $30.6 million in low-interest loans to private businesses that improve or expand their energy efficiency or renewable energy manufacturing facilities in California. The CEC received $226 million under the State Energy Program to implement public- and private-sector programs.
The second program, the CEC's existing Alternative and Renewable Fuel and Vehicle Technology Program, offers $59.5 million in state funding to companies developing alternative and renewable fuels and advanced transportation technologies.
Details of the program are available online at energy.ca.
SOURCE: California Energy Commission