From early stage research to commercialization, innovation contributes significantly to industrial growth— boosting U.S. companies and jobs. Maturation and deployment of new products and processes is a crucial component of the clean energy economy. But this process is challenging, and typically capital-intensive. Cutting- edge products can struggle to secure the necessary investment because funders often view these ventures as higher risk.
The U.S. government helps companies overcome financial barriers to innovation by investing in early stage and applied research and providing access to such instruments as direct loans and loan guarantees issued by the Department of Energy’s Loan Programs Office for renewable resource and efficiency projects. The Loan Programs Office makes low-cost capital available to encourage full-scale growth of domestic energy technologies, including concentrated solar, combined heat and power, electric vehicles, high-efficiency vehicle components, and more. For the United States to compete in the rapidly emerging global clean energy sector, this type of support is essential to encouraging and speeding technological advancement, gaining market share, creating jobs, and attracting additional private money.