The larger of the two preliminary loan commitments announced went to a unit of the South Korean semiconductor company SK Siltron.

Oil deliveries have generally become more long-distance since a reshuffling of global oil flows following Russia’s invasion of Ukraine.

The money will support 32 companies working on 33 projects along the EU’s hydrogen value chain and likely unlock over $5.81 billion in private investments.

Energy Secretary Jennifer Granholm said that the U.S. is currently updating its laws, including a 150-year-old mining regulation, to ensure the “sustainable and efficient” extraction of critical minerals.

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