Fuel Cell Loan Program

July 14, 2021

Summary

The Ohio Fuel Cell Initiative was established in May 2002 to support fuel-cell-related research, project demonstration and job creation. This $100 million initiative will provide (1) $75 million in financing to make strategic capital investments that will create and retain jobs; (2) $25 million to support fuel cell research, development and demonstration; and (3) $3 million for worker training. In May 2005, the initiative -- orignially designed as a three-year plan -- was extended through May 2008. During the course of the initiative, the Ohio Department of Development (ODOD) intends to award $15 million to finance traditional economic development investments for expansion of the state’s fuel-cell industry, job retention and job-creation activities, through low-interest loans and loan guarantees. The maximum loan per company is $5 million. In addition, the ODOD has set aside $60 million in federal volume cap for tax-exempt financing of qualified, small-issue projects. As a result, a total of $75 million may be used for the purchase of land, building and equipment. Contact the ODOD for current details regarding loans. The ODOD also conducts educational workshops and business seminars in conjunction with the Ohio Fuel Cell Coalition and maintains informational materials on the state's Third Frontier Project web site (www.thirdfrontier.com) and the Ohio Fuel Cell Coalition's web site (www.fuelcellsohio.org). The Ohio Fuel Cell Initiative is part of the state's Third Frontier Project, a 10-year, $1.6 billion plan to create high-tech, high-paying jobs through the expansion of the state's high-tech research sector and promotion of start-up companies.