US Finalizing Billions for Rivian, and hydrogen company Plug Power Before Trump Retakes Office

US Finalizing Billions for Rivian, and hydrogen company Plug Power Before Trump Retakes Office

(Bloomberg) — The Biden administration is poised to finalize billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen company Plug Power Inc. before President-elect Donald Trump returns to the White House, according to people familiar with the matter.

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The funding, expected to be announced by the Energy Department as soon as Thursday, includes a loan guarantee of almost $1.7 billion for Latham, New York-based Plug to construct hydrogen plants that are key to the company’s growth plans.

The department is also expected to announce as soon as Thursday the closing of a federal loan to Rivian for the construction of a Georgia manufacturing plant, the people said. The exact amount of the Rivian loan wasn’t clear, but one of the people said it’s in the neighborhood of the $6.6 billion conditional commitment the Biden administration made in November.

The Energy Department and the companies didn’t immediately respond to requests for comment. Plug Power shares jumped as much as 6.6% before the start of regular trading, while Rivian’s stock advanced as much as 4.4%.

Financing for the two companies comes as the Energy Department’s loan program — which effectively became a $400 billion-strong green bank during Joe Biden’s presidency — faces new threats from Trump’s incoming administration.

During his first term, Trump asked Congress to eliminate the program. This time, some in his inner circle want to get rid of or retool the Loan Programs Office to finance fossil fuels and other energy sources favored by Republicans.

Already, one of the two leaders tapped by Trump to lead the so-called Department of Government Efficiency, Vivek Ramaswamy, has said the incoming administration will scrutinize billions of dollars in “11th-hour transactions,” including the loan offer to Rivian.

–With assistance from Kara Carlson and Ed Ludlow.

(Updates with share moves in the fourth paragraph.)

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US Finalizing Billions for Rivian, and hydrogen company Plug Power Before Trump Retakes Office, source

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