The company plans to build a nine million square foot facility capable of producing up to 400,000 mass-market electric SUVs and crossovers annually.

Rivian (NASDAQ:RIVN) closes on giant $6.6 billion loan from U.S. Department of Energy (DOE) to fund Georgia's state-of-the-art manufacturing facility. The new plant, to be located at the same location as the old factory of Lordstown Motors Corp.

Plans for the new Rivian plant outside Atlanta had stalled before the federal government provided the help following an agreement that company officials say was over two years in the making.

Rivian has completed an agreement with the U.S. Department of Energy that will see it get a $6.6 billion loan it will use to build a new factory in Georgia. The loan was preliminarily approved in November and its closure came with urgency as the future of the department’s loan program for clean vehicle projects under the incoming Trump administration is unclear.