Project Applied under Title 17 Innovative Clean Energy Loan Guarantee Program
BROOKLYN, NY / ACCESSWIRE / September 13, 2022 / Stak Mobility (Stak) today announced that their Urban Charging Oasis Project has been invited by the U.S. Department of Energy's (DOE) Loan Programs Office (LPO) to submit a Part II Application for potential financing of up to $184 million under the Title 17 Innovative Clean Energy Loan Guarantee Program. Stak's project aims to construct and operate vertically-oriented automated parking carousels that incorporate Level 2 AC electric vehicle (EV) charging and integrated battery energy storage systems in dense urban environments.
The Title 17 program finances projects that accelerate commercial deployment of innovative energy technology that avoids, reduces, or sequesters greenhouse gas or air pollutant emissions. This invitation is based on the DOE's determination that Stak's proposed innovative distribution technologies project satisfies the Title 17 eligibility requirements and that the company and the project have the potential to join the LPO portfolio.
Diallo Powell, Stak's Co-Founder and CEO, said, "We are excited for the opportunity to submit a Part II application and look forward to working with the Department of Energy to explore financing opportunities. We believe that the DOE's potential support and endorsement of our project would help open up an urban EV and electrification future for residents, drivers, carsharing, and corporate and municipal fleets." Powell sees this issue through an equity focused lens. "Access to climate tech, energy efficiency, and the promising benefits of EVs should not be considered luxuries that are out of reach for urban communities."
Stak Mobility is a Brooklyn, NY-based company that combines EV charging, mobile vertical parking, and battery storage with demand response to bring distributed energy resources to urban and disadvantaged communities. Stak's automated parking towers have fully integrated EV chargers combined with a mobile app for a seamless self-service experience. Stak's scalable solution offers a pathway to EV ownership for urban drivers and fleet operators, expands access to charging and energy infrastructure for multi-family housing and economic opportunity zones, and increases the corresponding benefits to these communities, such as pollutant reduction and energy resilience.
Business as usual in EV charging typically means one charging machine for one or two vehicles to charge on a curb or in a surface lot or in a parking garage. Stak's solution enables an entire vertical carousel of 14 EVs to be charged in the equivalent of two surface parking spaces, creating greater efficiency and land savings. If the project reaches loan closing, debt financing from the DOE would support construction of 30 Stak locations in the U.S. within five years. The resulting impact will mean creating thousands of jobs while expanding EV chargers by the thousands and providing increased electrical grid capacity through battery energy storage in U.S. cities.
DOE's invitation that Stak submit a Part II application for a loan guarantee reflects LPO's determination that Stak's project satisfies the technical eligibility requirements set forth in the applicable LPO solicitation based on the materials submitted to DOE as of the date of its determination. DOE's invitation to submit a Part II application is not, however, an assurance that DOE will invite the applicant into the due diligence and term sheet negotiation process, that DOE will offer a term sheet to the applicant, or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE's determination whether to proceed.
About Stak Mobility
Stak Mobility ("Stak") is a fast-growing startup focused on deploying space and energy efficient solutions for our enterprise partners and consumer sites that have a positive environmental and community impact. Stak's solution addresses the anticipated gap within the next decade between the growth of EVs on the road and the limited availability of EV charging spaces, especially in urban and disadvantaged areas. Our seasoned leadership team is focused on maximizing climate impact and possesses startup and executive experience across energy, automated parking, built environment, mobile technology, real estate, and finance. Stak is also a certified minority business enterprise with The Port Authority of New York/New Jersey, the City of New York, and New York State.
Follow Stak Mobility on LinkedIn or visit the website to learn more.
CONTACT:
Diallo Powell
Co-founder / CEO
c: 917.743.6444
info@stakmobility.com
SOURCE: Stak Mobility
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https://www.accesswire.com/715669/Electric-Vehicle-Charging-and-Renewable-Energy-Storage-Project-Invited-to-Submit-Part-II-Application-for-Financing-from-US-Department-of-Energy-for-Proposed-Urban-Charging-Oasis-Project
