The Department of Energy offered a $6.6 billion loan late Monday to electric vehicle maker Rivian for a Georgia manufacturing plant, a move that’s likely to land in the crosshairs of the incoming Trump administration.
The conditional loan would allow Rivian New Horizon to finance and build its Project Horizon plant near the city of Social Circle, a 45-minute drive east of Atlanta.
Rivian must still meet technical, legal, environmental and financial conditions before the loan is finalized. That puts the deal in jeopardy because the incoming administration could cancel any loans that haven’t been fully processed. Chris Wright, Trump’s pick to lead DOE, has been critical of subsidiesfor clean energy technologies.
The project is owned by a subsidiary of Rivian Automotive and supported by an equity investment from the company, according to DOE. The funding marks the first time the administration has tapped the Loan Program Office’s Advanced Technology Vehicles Manufacturing Loan Program to produce vehicles, not just components and materials.
