Car manufacturer Rivian (NASDAQ:RIVN) received conditional approval for loan up to $6.6 billion from the U.S. Department of Energy’s to support the construction of its EV manufacturing plant in Georgia.

Rivian said late Monday it has secured conditional commitment for a $6.6 billion loan from the Department of Energy, funds that will help the EV maker

Rivian Automotive Inc. won preliminary approval for a $6.6 billion federal loan that will help support the construction of its delayed Georgia electric-vehicle plant.

Rivian is teaming up with Volkswagen in a $5.8 billion joint venture for EV innovation on its R2 model, which the company says will eventually be manufactured in Georgia. Electric vehicle startup Rivian Automotive Inc.

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia. The announcement comes ahead of the inauguration of President-elect Donald Trump,

Rivian Loan Approval: "This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,

The conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing program includes $6 billion in principal and approximately $600 million in capitalized interest.

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.