The Home Depot is one of a number of major manufacturers vying for federal stimulus funds to create new manufacturing jobs in the United States.
The company’s application for $1.8 billion in stimulus funding has been submitted to the U.S. Department of Energy (DOE) and is expected to be reviewed in late July, a DOE spokesperson told Axios.
The DOE, which oversees federal loan programs, is expected be a major player in the bid process.
DOE officials declined to comment on the company’s request for federal funds, citing the sensitive nature of the project.
The U.P.C. said it is the first major manufacturer to apply for stimulus funds.
“It is important to note that this request is not meant to replace any of the manufacturing that has been created by the Federal Reserve,” the UP.
“Rather, it is a continuation of the economic recovery and support for businesses that have benefited from the economic stimulus funds provided by the Department of Commerce and the Treasury.”
“We look forward to receiving the funds that the DOE and other U.s. partners have requested to support these new jobs.”
The UP, like many other U-P companies, has been struggling to recover from the financial crisis.
Many have closed plants in recent years, including several in Alabama.
The new manufacturing facility, which the company said will have 50,000 workers and an annual payroll of $1 billion, is being built at a $2.7 billion home depot in Alabama and is part of a larger effort to boost manufacturing in the state.
Home Depot has also recently announced it is looking for an additional 1,000 jobs to be created in Alabama, according to the company.