Rivian’s stock saw a notable surge, climbing 3.62% during regular trading hours and nearly 6% after hours following the announcement of the Department of Energy’s (DOE) full approval of a significant loan. The loan, which was conditionally approved last year, now marks a pivotal moment for the EV maker.
As part of the Biden-Harris Administration’s Investing in America agenda, the DOE’s Loan Programs Office (LPO) officially closed on a $6.6 billion loan for Rivian. This package includes $6 billion in principal and $600 million in capitalized interest to fund Project Horizon—a cutting-edge electric vehicle manufacturing facility near Stanton Springs North, Georgia.
This move underscores the Biden Administration’s ongoing push to maintain America’s leadership in the booming EV industry. The approval comes just days before a major shift in the political landscape, with the incoming Trump administration expected to adopt policies less focused on renewable energy and EV adoption. Rivian’s loan application, initially submitted in October 2022, likely gained momentum as the current administration seeks to cement its renewable energy priorities before leaving office.
The loan will fund the construction of a nine-million-square-foot facility capable of producing up to 400,000 mass-market electric SUVs and crossovers annually. Beyond manufacturing vehicles, the project is expected to inject life into the regional economy, with projections of 2,000 full-time construction jobs and up to 7,500 operational jobs by 2030.
For Rivian, this loan approval not only accelerates its ambitious production plans but also positions it as a central player in America’s clean energy transition. Investors have taken notice, and with this funding in place, Rivian is charging full speed ahead toward a brighter, greener future.
