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As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) today made a conditional commitment to Rivian New Horizon, LLC for a direct loan of up to 6.57 billion (including $5.975 billion of known principal and $592 million of capitalized interest) to finance the development and construction of Project Horizon, an electric vehicle manufacturing facility (EV) in Stanton Springs North, near the City of Social District, Georgia. The project is owned by a subsidiary of Rivian Automotive, Inc. and is supported by an equity investment from the company. Today’s announcement reaffirms the Biden-Harris Administration’s commitment to strengthening the competitiveness of the nation’s manufacturing sector and helping American companies remain global leaders in the fast-growing electric vehicle industry.

In support of President Biden and Vice President Harris’ efforts to provide well-paying, quality employment opportunities to communities across the country, this project is expected to create up to 2,000 full-time construction jobs and 7,500 operations jobs by 2030. Upon completion of the loan, construction a nine million square meter facility to produce up to 400,000 electric sport utility vehicles (SUVs) and crossover vehicles for the mass market. Workers at the Rivian plant will help shape America’s clean transportation future by stimulating the regional economy and contributing to the nearly 16 million jobs created since President Biden and Vice President Harris took office.

At its Georgia factory, Rivian will produce its all-electric midsize platform (MSP), with the R2 and R3 models as the first production variants. Rivian currently produces its R1S three-row electric SUV and R1T electric pickup truck, as well as commercial vehicles, at its plant in Normal, Illinois.

The announcement reflects a significant increase in domestic electric vehicle production and supports the Biden-Harris administration’s goal of having half of all new vehicles sold in 2030 be zero-emission. As one of the few American electric startups with light-duty vehicles already on the road, Rivian’s Georgia factory will allow the company to achieve production levels that make its products more cost-competitive and accelerate access to international markets. At full capacity, electric vehicles manufactured at the facility are expected to result in annual fuel savings of approximately 146 million gallons of petroleum.

Upon closing, the loan would be offered under LPO’s Advanced Technology Vehicles Manufacturing (ATVM) loan program, which provides loans to support U.S. manufacturing of vehicles with advanced technology, appropriate components and materials that improve fuel economy. The loan would be the first ATVM loan under the Biden-Harris Administration to manufacture advanced technology vehicles (ATVs), as opposed to ATV components.

LPO borrowers must develop and ultimately implement a comprehensive Community Benefits Plan (CBP). CBPs ensure that borrowers engage meaningfully with communities and labor groups to create good-paying jobs and improve the well-being of residents and workers. As outlined in its CBP, Rivian intends to hire at least a quarter of its Stanton Springs location employees from these communities. Today’s announcement also supports the Justice40 Initiative, which requires that 40% of the total benefits of certain federal investments in climate, clean energy, and other areas go to disadvantaged communities marginalized by underinvestment and overburdened by pollution.

Rivian also works with the local technical college system to create training programs to attract, train and retain the necessary workforce. This includes collaboration with the State of Georgia’s QuickStart Technical Training Incentive Program, which provides tailored workforce training to companies making job-creating investments in the state. Rivian currently employs approximately twenty apprentices locally in Georgia who have completed their first round of training and are currently completing vocational training at Rivian’s facility in Illinois. After completing the program, trainees will return to Georgia to work at the facility once it is operational. Rivian is exploring expanding participation in this program to other career paths.

While this conditional commitment indicates DOE’s intent to finance the project, DOE and the Company must meet certain technical, legal, environmental and financial conditions before the Department will prepare final financing documents and fund the loan.

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