In exciting news for electric vehicle (EV) manufacturer Rivian, the Department of Energy’s (DOE) Loan Programs Office (LPO) has made a conditional commitment of up to $6.57 billion for Rivian to develop and build a new EV production facility in Georgia.
All going well, the project is estimated to create and support around 2,000 construction jobs, and another 7,500 in operations by 2030.
LPO Conditional Commitment to Rivian
The conditional commitment, announced on November 26, 2024, is for a direct loan which includes $5.975 billion of principal, and another $592 million of capitalized interest.
The funds will go to Rivian New Horizon, LLC, a subsidiary of Rivian Automotive, Inc., with the project also being supported by investments from the parent company.
ATVM Loan Program
The specific loan under the LPO is the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, which was designed to support the domestic production of EVs and their components.
While other ATVM loans have already been given out by the government for ATV components, the Rivian commitment will be the first under the Biden-Harris Administration to finance the production of advanced technology vehicles directly.
Project Horizon
The new facility, dubbed Project Horizon, will be built in Georgia’s Stanton Springs North, close to the City of Social Circle in southern Walton County.
This 9-million-square-foot center will be making up to 400,000 electric SUVs, as well as crossover vehicles, for the mass market.
Rivian EVs
Other Vehicles that Rivian will produce at the Project Horizon facility include the company’s R2 and R3 models, which will be built on its all-electric midsize platform (MSP).
The company’s R1S three-row electric SUV, the R1T electric pickup truck, and its commercial vans are currently being made at Rivian’s Illinois facility.
Image Credit: Shutterstock/Michael Berlfein
