{"id":801879,"date":"2025-01-16T16:39:01","date_gmt":"2025-01-16T21:39:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\/"},"modified":"2025-01-16T16:39:01","modified_gmt":"2025-01-16T21:39:01","slug":"rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\/","title":{"rendered":"Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site<\/b><\/p>\n<p class=\"bwalignc\"><i>Rivian\u2019s next-generation facility to strengthen American innovation will hire more than 7,500 people to produce world-class vehicles<\/i><\/p>\n<p>IRVINE, Calif.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nRivian (NASDAQ: RIVN) today announced it has closed its loan agreement with the U.S. Department of Energy\u2019s (DOE) Loan Programs Office (LPO) for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest) in financial support for the construction of its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia. These funds will help secure American leadership in electric vehicles while supporting the creation of 7,500 new manufacturing jobs and accelerating the volume expansion of the company\u2019s new R2 SUV and R3 crossover.<\/p>\n<p>\nConstruction is expected to begin in 2026 with the production of customer vehicles expected to take place in 2028. Rivian and the Department of Energy have worked together closely for over two years in order for the loan to proceed to closing.<\/p>\n<p>\n\u201cThis loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,\u201d said Rivian Founder and CEO RJ Scaringe. \u201cPeople are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.&#8221;<\/p>\n<p>\nRivian has already begun hiring in the region for construction and management roles, with multiple open positions statewide. Recruitment is expected to ramp quickly as facility construction approaches.<\/p>\n<p>\nThe loan will be split across two phases of Rivian\u2019s Georgia facility. Excluding capitalized interest, the first phase is expected to have a loan size up to $3.4B and the second phase up to $2.6B. A summary of key terms can be found <a rel=\"nofollow\" href=\"https:\/\/downloads.ctfassets.net\/2md5qhoeajym\/1FNXyK2PbDVoCAmQ5OC8yD\/d81a9fab56b3e050c79cdf66fa9f45c6\/01.16.25_Rivian_DOE_Loan_Closing_Letter.pdf\">here<\/a>. Advances under the loan are subject to the accuracy of certain representations and warranties, compliance with covenants and other conditions precedents.<\/p>\n<p>\nRivian plans to design and build a state of the art manufacturing facility at the Stanton Springs site, less than one hour\u2019s drive from downtown Atlanta, employing modern construction techniques and advanced environmental management while preserving natural spaces and investing actively in the surrounding communities.<\/p>\n<p><b>Forward-looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward- looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the possible issuance and timing of advances under the loan, the terms of the loan and related financing documents, the use of proceeds, the satisfaction of covenants and conditions under the loan, the absence of events of default, construction of our manufacturing facility, the launch and expansion of the R2 and R3, and the expected impact of the loan. In some cases you can identify forward-looking statements by terms such as \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpects,\u201d \u201cplans,\u201d \u201canticipates,\u201d \u201ccould,\u201d \u201cintends,\u201d \u201ctargets,\u201d \u201cprojects,\u201d \u201ccontemplates,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cforecasts,\u201d \u201cpredicts,\u201d \u201cpotential\u201d or \u201ccontinue\u201d or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed in Part II, Item 1A, \u201cRisk Factors\u201d in Rivian\u2019s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.<\/p>\n<p><b>About Rivian<\/b><\/p>\n<p>\nRivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal \u2014 preserving the natural world for generations to come.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250116556702r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250116556702\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250116556702\/en\/<\/a><\/span><\/p>\n<p><b>Media<\/b>:<\/p>\n<p>\nPeebles Squire: <a rel=\"nofollow\" href=\"mailto:media@rivian.com\">media@rivian.com<br \/>\n<\/a><br \/>+1 434 594 4652<\/p>\n<p><b>Investors:<\/b><\/p>\n<p><a rel=\"nofollow\" href=\"mailto:ir@rivian.com\">ir@rivian.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America California Georgia<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> White House\/Federal Government Public Policy\/Government Automotive Automotive Manufacturing EV\/Electric Vehicles Manufacturing Alternative Vehicles\/Fuels<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250116556702\/en\/2355942\/3\/Rivian_Digital_Full_Logo_Black.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site Rivian\u2019s next-generation facility to strengthen American innovation will hire more than 7,500 people to produce world-class vehicles IRVINE, Calif.&#8211;(BUSINESS WIRE)&#8211; Rivian (NASDAQ: RIVN) today announced it has closed its loan agreement with the U.S. Department of Energy\u2019s (DOE) Loan Programs Office (LPO) for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest) in financial support for the construction of its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia. These funds will help secure American leadership in electric vehicles while supporting the creation of 7,500 new manufacturing jobs and accelerating the volume expansion &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-801879","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site Rivian\u2019s next-generation facility to strengthen American innovation will hire more than 7,500 people to produce world-class vehicles IRVINE, Calif.&#8211;(BUSINESS WIRE)&#8211; Rivian (NASDAQ: RIVN) today announced it has closed its loan agreement with the U.S. Department of Energy\u2019s (DOE) Loan Programs Office (LPO) for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest) in financial support for the construction of its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia. These funds will help secure American leadership in electric vehicles while supporting the creation of 7,500 new manufacturing jobs and accelerating the volume expansion &hellip; Continue reading &quot;Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-16T21:39:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250116556702r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site\",\"datePublished\":\"2025-01-16T21:39:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/\"},\"wordCount\":978,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250116556702r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/rivian-and-u-s-department-of-energy-finalize-loan-agreement-to-support-future-georgia-manufacturing-site\\\/\",\"name\":\"Rivian and U.S. Department of Energy Finalize Loan Agreement to Support Future Georgia Manufacturing Site - 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