After Losing $42 Million, DOE Decides To Lend $16 Million

The Energy Department has announced that it’s giving $16 million to seventeen U.S. companies to capture energy from waves, tides and currents.

This comes on the heels of the department’s announcement that it already lost $42 million on a $50 million loan guarantee given to a van manufacturing company that was supposed to make natural gas-powered vehicles.

“Wave and tidal energy represent a large, untapped resource for the United States and responsible development of this clean, renewable energy source is an important part of our all-of-the-above energy strategy,” said David Danielson, assistant secretary for energy efficiency and renewable energy.

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