Rivian, an American automotive manufacturer, has closed its loan agreement with the U.S. Department of Energy’s Loan Programs Office for up to $6.6 billion in financial support. The funds will be used to build a new manufacturing facility in Stanton Springs North, Georgia, which is expected to create 7,500 new jobs and accelerate the production of electric vehicles.
Construction is set to begin in 2026, with the first customer vehicles anticipated for delivery in 2028. Rivian’s founder and CEO RJ Scaringe stated that the loan will help the company launch its Georgia plant and support thousands of jobs in the state.
The loan will be split into two phases, with the first phase worth up to $3.4 billion and the second phase worth up to $2.6 billion. Rivian plans to design and build a state-of-the-art manufacturing facility that incorporates modern construction techniques, advanced environmental management, and investment in surrounding communities.
Rivian’s move is seen as a key step towards securing American leadership in electric vehicles. The company has already begun hiring for construction and management roles in the region, with multiple open positions statewide.
As part of its operations, Rivian will be issuing forward-looking statements regarding its financial prospects and business strategy. These statements are subject to risks and uncertainties, which may impact the company’s actual results.
Source: https://www.businesswire.com/news/home/20250116556702/en/Rivian-and-U.S.-Department-of-Energy-Finalize-Loan-Agreement-to-Support-Future-Georgia-Manufacturing-Site