The Department of Energy on Thursday finalized three new loans totaling more than $8.5 billion, just days before President-elect Donald Trump takes office.
A $6.6 billion direct loan will go to electric vehicle producer Rivian for a manufacturing facility in Georgia. It’s set to produce “up to 400,000 mass-market electric sport utility vehicles (SUVs) and crossover vehicles annually,” according to DOE.
The electric vehicle supply chain has been a major focus of Biden administration clean energy lending.
Hydrogen firm Plug Power is getting a nearly $1.7 billion loan guarantee to build up to six hydrogen production facilities across several states. Plug Power produces hydrogen with electrolyzers, a low-emissions energy technology when powered with renewable electricity.
