Date: 11/25/2024
Type: Implementation of IRA
On November 25, 2024, DOE’s loan programs office announced that it has made a conditional commitment to providing a loan guarantee of up to $6.57 billion to Rivian New Horizon to develop and construct an electric vehicle (EV) manufacturing facility in Stanton Springs North, Georgia. The loan is being made through the Advanced Technology Vehicles Manufacturing (ATVM) program.
ATVM is partially funded by IRA section 50142, which appropriated funds to DOE to finance low or zero GHG vehicle manufacturing projects.