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Rivian(RIVN.US) secures a $6.6 billion loan from the Department of Energy for its Georgia manufacturing plant.

Market IntelFriday, Jan 17, 2025 6:50 am ET

1min read

Rivian Automotive (RIVN.US) announced on Thursday that it has secured a loan agreement with the U.S. Department of Energy's Loan Program Office. The agreement will provide up to $6.6 billion (including $6 billion in principal and about $600 million in capitalized equity) to support the construction of Rivian's next manufacturing plant in Georgia, which aims to accelerate the production expansion of its new R2 SUV and R3 crossover.

The construction of the plant is expected to begin in 2026, and customer vehicle production is expected to begin in 2028. Rivian and the U.S. Department of Energy have been working closely together for more than two years to complete the loan.

The loan will cover two phases of Rivian's Georgia plant. The first phase is expected to be $3.4 billion, not including capitalized interest, and the second phase is expected to be $2.6 billion.

Rivian rose 3.6% on Thursday and rose 3.6% before the market opened as of the time of writing.

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