Rivian announced on Jan. 16 that it had closed its loan agreement with the U.S. Department of Energy’s Loan Programs Office for up to $6.6 billion (including $6 billion of principal and approximately $600 million of capitalized interest) in financial support for the construction of its next manufacturing facility in Stanton Springs North, near the City of Social Circle.
These funds will help secure American leadership in electric vehicles, support the creation of 7,500 new manufacturing jobs, and accelerate the company’s new R2 SUV and R3 crossover volume expansion.
Construction is expected to begin in 2026, and customer vehicle production will likely occur in 2028. Rivian and the Department of Energy have worked together closely for over two years to ensure that the loan proceeds to closing.
“This loan will help us accelerate the launch of our Georgia plant for R2 and R3, providing thousands of jobs in the state,” said Rivian founder and CEO RJ Scaringe. “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.”
Rivian has already begun hiring for construction and management roles in the region, with multiple open positions statewide. As facility construction approaches, recruitment is expected to ramp up quickly.
The loan will be split across two phases of Rivian’s Georgia facility.
Excluding capitalized interest, the first phase is expected to have a loan size of up to $3.4 billion and the second phase up to $2.6 billion. A summary of key terms can be found at bit.ly/4joI2nE. Advances under the loan are subject to the accuracy of certain representations and warranties, compliance with covenants, and other conditions precedents.
Rivian plans to design and build a state-of-the-art manufacturing facility at the Stanton Springs site, less than an hour’s drive from downtown Atlanta. The facility will employ modern construction techniques and advanced environmental management, preserve natural spaces, and invest actively in the surrounding communities.