Electric vehicle (EV) manufacturer Rivian said on Nov. 26 that it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy (DOE) to build a factory in Georgia.
Rivian, founded in 2009, plans to manufacture sport utility vehicles and hatchbacks at its new factory in Stanton Springs North, near the Atlanta-area city of Social Circle, Georgia.
The company said that while a conditional commitment reflects the department’s intent to finance the project, “certain technical, legal, environmental, and financial conditions” must be satisfied before the DOE funds the loan.
If the DOE and Rivian sign a contract, the agreement will be binding and in effect before President-elect Donald Trump’s Jan. 20, 2025, inauguration….