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Rivian snags $6.6B conditional federal loan to build Georgia factory
Rivian said late Monday it has secured conditional commitment for a $6.6 billion loan from the Department of Energy, funds that will help the EV maker
Rivian said late Monday it has secured conditional commitment for a $6.6 billion loan from the Department of Energy, funds that will help the EV maker restart construction of a massive factory in Georgia. The factory will employ 7,500 by the end of 2030, a figure that is tied to an incentives package approved several years ago by Georgia’s Department of Economic Development. The federal loans program has supported a number of companies in recent years for EV-related projects, including$465 million to Tesla in 2009, a$9.2 billion conditional commitment in June to support a Ford joint venture with SK to finance two battery factories in the United States and a$2 billion loan to help battery materials and recycling startup Redwood Materials finance the growth and expansion of its headquarters in Nevada.
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