The US Department of Energy finalized billions of dollars in financing for electric vehicle maker Rivian Automotive Inc. and hydrogen company Plug Power Inc. just days before President-elect Donald Trump returns to the White House.
Rivian received $6.6 billion in financing to construct a Georgia manufacturing plant, while Plug Power will get a $1.66 billion loan guarantee for hydrogen plants. The announcements come as the Energy Department’s loan program faces new threats from Trump’s incoming administration.
Trump has asked Congress to eliminate the program and is reportedly planning to scrutinize billions of dollars in “11th-hour transactions,” including the Rivian financing. However, Rivian stated that its funding will accelerate expansion of its new SUVs and crossovers, positioning the company for US leadership in the electric vehicle industry.
Plug Power plans to use its funding for up to six projects, starting with a green hydrogen plant in Texas. The company’s CEO believes that the hydrogen economy aligns with national security interests and will enable the US to remain at the forefront of energy technology development.
Source: https://finance.yahoo.com/news/us-finalize-billions-funding-rivian-021727249.html