The Appalachia Storage & Trading Hub initiative cleared its first big hurdle, getting approval for the first of two application phases for a $1.9 billion U.S. Department of Energy loan, according to the Times Reporter.
It’s taken the Appalachia Development Group, who is heading the project, eight years to reach this point, and it still faces challenges before the project can come to fruition. It’s unclear how long the second phase of the application will take and approval isn’t a guarantee. However, the recent approval of the first phase is positive.
The American Chemistry Council estimates the facility could bring up to $36 billion in new chemical and plastics industry investment and create 100,000 new jobs.