The Department of Energy announced Thursday the closing of $6.6 billion in financing for Rivian to construct a Georgia manufacturing plant.

Rivian and the Department of Energy have finalized a $6.6 billion loan announced in November with just a few days left until Donald Trump's inauguration.

The deal in the waning days of the Biden administration could insulate the loan from attempts to cut back on the Department of Energy’s Loan Programs Office, analysts say.

Just in time, clean-energy companies Rivian Automotive Inc. and Plug Power Inc. have closed loan agreements with the Biden administration that will fund the construction of manufacturing plants in the United States.

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.

Rivian said it closed a loan agreement with the U.S. Department of Energy for up to $6.6 billion to support construction of a new manufacturing facility in Georgia.

The U.S. Department of Energy gave final approval Thursday to electric vehicle maker Rivian for a $6.6 billion loan to support its stalled Georgia factory, a huge infusion of cash intended to ensure the plant gets built.

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.