Axios/Energy drinks maker CokeCo (COST) has been awarded $2.9 billion in federal loans and grants from the U.S. Department of Energy, as part of a multiyear investment in renewable energy technologies, according to the department.
The loan and grant program, which is part of the Department of Housing and Urban Development’s Energy and Environment Development Administration (E2) program, will help fund research and development of technologies for renewable energy, energy efficiency, and fuel efficiency improvements.
The loans and grant will also help expand the use of renewable energy technology by providing the U,S.
government with support to further advance the development of renewable technologies.
Energy drinks giant Coca-ColaCo (KO) is expected to receive a $2 billion loan to support the development and deployment of the technology, according a report by Bloomberg New Energy Finance, citing sources familiar with the matter.
The program is part and parcel of President Donald Trump’s recent announcement that the U and the European Union will establish a $1 trillion energy infrastructure investment fund.
Energy drink maker Coke and other beverage giants including PepsiCo (PEP), Starbucks (SBUX) and Anheuser-Busch (BUD) have been pushing for a more renewable energy infrastructure.
Coca-Cola is a member of the E2 program.
The U.K.-based company is investing $100 million over five years in the technology.
The E2 Program was created to support and expand the U’s ability to deliver advanced clean energy technologies to meet the growing energy needs of the global community, including for the benefit of the U as well as for the global economy.