American all-electric automaker Rivian Automotive announced it has secured a conditional commitment for up to $6.6 billion in financing through the US Department of Energy’s (DOE) Advanced Technology Vehicles Manufacturing (ATVM) program.
This commitment is intended to support Rivian’s expansion of its manufacturing footprint in the United States, specifically the construction of a new battery and electric vehicle (EV) production facility in Georgia.
The proposed Rivian facility in Georgia is expected to be a state-of-the-art manufacturing hub, incorporating battery cell production and EV assembly lines. Once operational, the facility aims to bolster Rivian’s ability to deliver a range of electric vehicles designed for both consumer and commercial markets while contributing to local economic growth and job creation.
The DOE’s ATVM program, established under the Energy Independence and Security Act of 2007, provides funding to support the development of advanced vehicle technologies, focusing on reducing greenhouse gas emissions and strengthening the domestic EV manufacturing industry. This conditional loan represents a significant milestone for Rivian as the company continues to scale its production capabilities to meet the growing demand for EV and accelerate the transition to sustainable transportation.
Previous recipients of ATVM loans include several major automakers and battery manufacturers that have played key roles in shaping the EV landscape.
The conditional loan remains subject to the completion of final documentation and satisfaction of certain conditions, as outlined in the DOE’s loan commitment. Rivian will work closely with the DOE to fulfill the necessary requirements and move forward with this critical investment in the future of electric mobility.
The new facility is expected to bring significant economic and environmental benefits to the region while supporting the broader shift to electrification in the transportation industry.
Filed Under: Technology News