Rivian Gets $6.6B Loan Approval From DOE to Build Georgia Plant

Group 1: Rivian Automotive, Inc. - Rivian Automotive, Inc. will receive a $6.6 billion loan from the Department of Energy to build a manufacturing plant in Georgia, shifting focus from luxury vehicles to mass-market models [1] - The funding will accelerate the launch of Rivian's new R2 SUV and R3 crossover, supporting U.S. leadership in the electric vehicle sector [2] - The new plant is expected to create 7,500 operational jobs by 2030 and have an annual production capacity of 400,000 vehicles [2] Group 2: Plug Power Inc. - Plug Power Inc.'s subsidiary will receive a $1.66 billion loan guarantee to finance up to six clean hydrogen production facilities across multiple states [3] - The Biden-Harris administration emphasizes the importance of advancing clean hydrogen as part of a broader strategy for a robust clean energy economy [3] Group 3: Department of Energy Loan Program - The funding comes amid concerns over the future of the DOE's loan program, which has grown into a $400 billion green financing initiative under President Biden [4] - The Biden administration has announced $22.92 billion in conditional loan commitments to support projects by eight utility companies [4] - These investments aim to modernize infrastructure, expand clean energy, and improve grid reliability for approximately 15 million customers across 13 states [5]