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Tuesday, Feb 18, 2025
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Rivian Finalizes $6.6B Loan from Biden Administration

Loan to create 7,500 jobs in Georgia

Rivian Automotive Inc. said it closed its loan agreement with the U.S. Department of Energy’s Loan Programs Office for up to $6.6 billion in financial support to construct its next manufacturing facility in Stanton Springs North, near the City of Social Circle, Georgia.
These funds, approved in the final days of the Biden administration, will create 7,500 manufacturing jobs and hasten the volume expansion of the company’s new R2 SUV and R3 crossover. Construction is expected to begin in 2026 with the production of customer vehicles expected to take place in 2028.
“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,” Rivian Founder and Chief Executive RJ Scaringe said in a statement.
Rivian has already begun hiring for construction and management roles, with multiple open positions statewide. Recruitment is expected to ramp quickly as facility construction approaches.
Shares of Rivian were little changed at $14.46 and a $14.8 billion market cap (Nasdaq: RIVN).

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Peter J. Brennan
Peter J. Brennan
With four decades of experience in journalism, Peter J. Brennan has built a career that spans diverse news topics and global coverage. From reporting on wars, narcotics trafficking, and natural disasters to analyzing business and financial markets, Peter’s work reflects a commitment to impactful storytelling. Peter’s association with the Orange County Business Journal began in 1997, where he worked until 2000 before moving to Bloomberg News. During his 15 years at Bloomberg, his reporting often influenced financial markets, with headlines and articles moving the market caps of major companies by hundreds of millions of dollars. In 2017, Peter returned to the Orange County Business Journal as Financial Editor, bringing his heavy business industry expertise. Over the years, he advanced to Executive Editor and, in 2024, was named Editor-in-Chief. Peter’s work has been featured in prestigious publications such as The New York Times and The Washington Post, and he has appeared on CNN, CBC, BBC, and Bloomberg TV. A Kiplinger Fellowship recipient at The Ohio State University, he leads the Business Journal with a dedication to uncovering stories that matter and shaping the local business community and beyond.
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