Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

A nearly $6 billion federal loan will help electric-vehicle manufacturer Rivian restart construction of a $5 billion vehicle and battery plant near Covington.

The US Department of Energy will loan Rivian $6.6 billion to build an electric vehicle factory in Georgia, as Democrats scramble to finalize their climate agenda before Donald Trump takes office. Rivian said it received “conditional commitment” for its application to the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program,

The plant is expected to produce the company’s R2 and R3 EV models, create 7,500 jobs, and expand Rivian’s footprint in the competitive EV market.

All-electric automaker Rivian Automotive has announced that it received a “conditional commitment” for a $6.6B loan from Department of Energy.

ATLANTA — The U.S. Department of Energy announced that Rivian is set to receive a nearly $6.6 billion loan to construct its Project Horizon manufacturing facility in Georgia. The proposed loan would be a combined $5.975 billion of principal and $592 million in capital interest, according to a news release on Tuesday.

Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

Rivian secured a $6.6 billion loan from the U.S. DOE to construct a new EV plant in Georgia to scale production of affordable EV models.

Electric vehicle (EV) manufacturer Rivian has secured a $6.6 billion loan from the U.S. Department of Energy (DOE) to develop a large-scale

The U.S. Department of Energy has agreed to loan the company $6.6 billion. This loan will help Rivian build a new factory in Stanton Springs North, Georgia, to produce electric vehicles. If everything goes as planned,