Sustainable aviation fuel producer World Energy said Monday it is advancing in the application process for a $2 billion loan guarantee from the Energy Department to convert an existing refinery into a renewable fuels facility that can cut emissions from the aviation industry.
If awarded, the loan guarantee would help fund the construction of World Energy’s facility in Houston — the hub of U.S. energy production — to produce sustainable aviation fuel and clean hydrogen.
Both technologies are seen as key in helping to decarbonize hard-to-abate sectors like aviation and heavy-duty trucking and are priorities for the Biden administration.
World Energy said Monday it was invited to submit a Part II application for the loan guarantee through the Loan Programs Office’s Title 17 clean energy financing program.
