US Finalizing Billions for Rivian, Plug Power Before Trump Retakes Office
- Rivian to use loans for new models, Plug Power eyes hydrogen
- DOGE co-leader vows scrutiny of ‘11th-hour transactions’
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The Biden administration finalized billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen company Plug Power Inc. just days before President-elect Donald Trump returns to the White House.
The Department of Energy announced Thursday the closing of $6.6 billion in financing for Rivian to construct a Georgia manufacturing plant. It also confirmed Latham, New York-based Plug Power will get a $1.66 billion loan guarantee for hydrogen plants.