US Finalizing Billions for Rivian, Plug Power Before Trump Retakes Office

(Bloomberg) -- The Biden administration finalized billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen company Plug Power Inc. just days before President-elect Donald Trump returns to the White House.

The Department of Energy announced Thursday the closing of $6.6 billion in financing for Rivian to construct a Georgia manufacturing plant. It also confirmed Latham, New York-based Plug Power will get a $1.66 billion loan guarantee for hydrogen plants.

The financing comes as the Energy Department’s loan program — which effectively became a $400 billion green bank during Joe Biden’s presidency — faces new threats from Trump’s incoming administration.

Trump asked Congress during his first term to eliminate the program. This time around, some in his inner circle want to get rid of or retool the Loan Programs Office to finance fossil fuels and other energy sources favored by Republicans.

Already, one of the two leaders tapped by Trump to lead the so-called Department of Government Efficiency, Vivek Ramaswamy, has said the incoming administration will scrutinize billions of dollars in “11th-hour transactions,” including the loan offer to Rivian.

Rivian, in a statement Thursday, said its financing would accelerate expansion of the company’s new R2 SUV and R3 crossover, and was “key to U.S. leadership in the electric vehicle industry.”

Plug said its funding would be used for the construction of as many as six projects, the first to benefit being its Graham, Texas, green hydrogen plant.

“We believe the hydrogen economy aligns closely with national security interests, ensuring that the U.S. remains at the forefront of energy technology development and deployment on a global scale,” Andy Marsh, Plug’s chief executive officer, said in a statement. 

Rivian shares closed 3.6% higher after the finalizing of the loans was first reported by Bloomberg, while Plug Power gained 1.1%.

(Updates with official announcements in second paragraph.)

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