Rivian recently announced the closing of a loan agreement with the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) for up to $6.6 billion in financial support for building its next manufacturing facility in Stanton Springs North, located near the City of Social Circle, Georgia. 

The funding includes $6 billion of principal and about $600 million of capitalized interest, a news release says. It adds the funds will accelerate the volume expansion of the company’s new R2 SUV and R3 crossover. 

Construction is expected to start 2026 with the production of customer vehicles beginning in 2028. 

Rivian worked with the Department of Energy on the loan for more than two years, the release says. 

“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,” Rivian Founder and CEO RJ Scaringe, said in the release. “People are incredibly excited to get behind the wheel of our new models, and this additional capacity for our mass market products is key to U.S. leadership in the electric vehicle industry.”

The loan will have two phases, with the first phase expected to have a loan size of up to $3.4 billion and the second phase up to $2.6 billion. Each phase will result in 200,000 units of run rate annual production capacity for a total of 400,000, a fact sheet on the loan says. 

“Rivian plans to design and build a state-of-the-art manufacturing facility at the Stanton Springs site, less than one hour’s drive from downtown Atlanta, employing modern construction techniques and advanced environmental management while preserving natural spaces and investing actively in the surrounding communities,” the article says.

IMAGE

Photo courtesy of Rivian