Rivian's $6.6 billion federal loan to build a new electric vehicle factory in Georgia has been finalized, the company said Thursday.
The loan was first announced in November. It stipulated Rivian and the Department of Energy had to meet certain legal, environmental and financial conditions.
Plans for the new plant outside Atlanta had stalled before the federal government provided the help following an agreement that company officials say was over two years in the making.
“This loan will help us accelerate the launch of our Georgia plant for R2 [SUV] and R3 [crossover], providing thousands of jobs in the state,” said Rivian founder and CEO RJ Scaringe in a news release. “People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry."
Bloomberg reports the Biden administration is trying to get funding in place for multiple renewable energy projects that could face an uncertain future under the Trump administration.
Rivian expects to start construction next year and production of vehicles to begin in 2028.
Rivian says the new plant will generate 7,500 manufacturing jobs in Georgia.
The company has more than 8,000 workers at its plant in Normal.