Rivian has found a fresh source of new funding. And it’s the United States Department of Energy.
What’s happening:
- Rivian Automotive (NASDAQ: RIVN) has landed a conditional commitment from the United States Department of Energy for $6.6B USD to accelerate the build out of a new electric vehicle manufacturing facility in Georgia
Why it matters:
- Rivian has quickly emerged as one of the most popular new entrants to the electric vehicle space, rapidly becoming one of the best selling electric automakers in all of North America
Going deeper:
- Rivian also just recently announced a large joint venture with Volkswagen Group, in which Volkswagen will inject more than a billion dollars directly into Rivian for licensing their technology and together they will collaborate on new software that both companies can use in their electric vehicles
- The United States Department of Energy has continued to commit staggering funding to all aspects of electric vehicles, including their previous notable multi billion dollar capital infusion into American lithium-ion battery production
The intrigue:
- The United States Department of Energy has even extended their non-dilutive funding to lithium producers, backstopping the Thacker Pass lithium project in Nevada which is owned by Lithium Americas (NYSE: LAC) with a multi billion dollar loan
