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US to finalize billions in funding for Rivian and Plug before Trump
(Bloomberg) -- The Biden administration is poised to finalize billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen manufacturer Plug Power Inc. before the Trump administration takes power next week, according to people familiar with the matter. Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyAs E-Bikes Boom in NYC, Some Call for More RegulationsChicago Agency Pitches $1.5 Billion Plan to Fix Transit WoesNYPD Reforms Car
The exact amount of the Rivian loan was not clear, but one of the people said it was in the neighborhood of the $6.6 billion conditional commitment the Biden administration made in November. Financing for the two companies comes as the Energy Department’s loan program — which effectively became a $400 billion-strong green bank during Joe Biden’s presidency — faces new threats from the incoming administration of Donald Trump, who will be inaugurated Monday. This time, some in his inner circle want to get rid of or retool the Loan Programs Office to finance fossil fuels and other energy sources favored by Republicans.
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