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Solugen locks in $214 million Energy Department loan to build a 'bioforge' for sustainable chemicals production - TL;DR CNBC

Solugen locks in $214 million Energy Department loan to build a 'bioforge' for sustainable chemicals production

Publishing timestamp: 2024-06-13 08:11:34


Summary

Solugen, a sustainable chemicals startup, secured a $214 million loan from the Department of Energy program that previously backed Tesla. The company plans to use the financing to build a new plant in Minnesota, where they will produce sustainable chemicals from corn sugar. This loan will help Solugen expand its operations and create more jobs while focusing on industrial decarbonization.


Sentiment: POSITIVE

Tickers: TSLA

Keywords: tesla incventure capitalbusiness newstechnology

Source: https://www.cnbc.com/2024/06/13/solugen-locks-in-214-million-energy-department-loan-to-build-a-bioforge-for-sustainable-chemicals-production.html


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