Boosting domestic EV manufacturing capacity, expanding options for consumers, and creating American jobs! (See: https://lnkd.in/gZQPsRdQ) LPO has announced a conditional commitment for a direct loan of up to $6.57 billion to Rivian to finance the development and construction of Project Horizon, an electric vehicle (EV) manufacturing facility located in Stanton Springs North, near the City of Social Circle, Georgia.
At the Georgia facility, Rivian will produce its all-electric midsize platform (MSP) with its R2 and R3 models as the first variants in production. Rivian currently produces its three-row electric SUV, the R1S, and its electric pickup truck, the R1T, as well as commercial vans at its Normal, Illinois, facility. If finalized, the Horizon project expects to support up to 2,000 full-time jobs through construction and 7,500 operations jobs by 2030 and the loan will support the construction of a nine million square foot facility to manufacture up to 400,000 mass-market electric sport utility vehicles (SUVs) and crossover vehicles.
This announcement reflects a material increase in domestic EV manufacturing and supports the Biden-Harris Administration’s goal that half of all new vehicles sold in 2030 be zero-emissions. As one of a few American EV startups with light duty vehicles already on the road, Rivian’s Georgia facility will allow the company to reach production volumes that make its products more cost competitive and accelerate access to international markets. At full capacity, the EVs manufactured at the facility are expected to yield an annual fuel consumption savings of approximately 146 million gallons of petroleum.
As with all conditional commitments that LPO offers, it’s important to note that while this announcement demonstrates an intent to finance the project, the expected U.S. Department of Energy (DOE) financing will only be issued pending the satisfaction of certain conditions—including final legal, contractual, technical, and financial requirements—that the conditional commitment specifies.
LEARN MORE:
• What is a Conditional Commitment & How is it Different from a Loan or Loan Guarantee? https://lnkd.in/gkhfhYHZ
• Advanced Transportation Financing via LPO’s Advanced Technology Vehicles Manufacturing (ATVM) Loan Program: Energy.gov/LPO/ATVM
• The Biden-Harris Administration’s “Investing in America” Agenda: WhiteHouse.gov/Invest
• Read about other project announcements on LPO’s blog: https://lnkd.in/g23s_Uk4
• Explore LPO’s full portfolio of projects: https://lnkd.in/gDnF2A6W
