A nearly $6 billion federal loan will help electric-vehicle manufacturer Rivian restart construction of a $5 billion vehicle and battery plant near Covington.

Scaringe, the son of an engineer and who was obsessed with cars as a kid, knew early he wanted to start his own business. The MIT engineering doctorate turned his dream into a reality in 2009 when he founded what would become Rivian, whose name stems from the Indian River in Florida where Scaringe spent his youth.

The US Department of Energy will loan Rivian $6.6 billion to build an electric vehicle factory in Georgia, as Democrats scramble to finalize their climate agenda before Donald Trump takes office. Rivian said it received “conditional commitment” for its application to the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program,

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

Electric vehicle manufacturer Rivian will receive nearly $6.6 billion from the Biden administration to construct a factory in Georgia as part of the White House’s agenda to expand the EV industry. The Energy Department’s Loan Program Office announced Tuesday that Rivian will receive a direct loan of up to $6.

Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

President Joe Biden’s administration will loan $6.6 billion to electric vehicle maker Rivian Automotive to build a Georgia factory.

Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.

Rivian said it will use a $6.6 billion government loan to “aggressively” scale manufacturing of its R2, which is coming in 2026.