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.

Key Takeaways Rivian Automotive shares rose Friday, a day after the electric vehicle maker announced it had finalized a federal loan worth up to $6.6 billion to build a factory in Georgia.The plant—set to be built "less than one hour's drive from downtown Atlanta,

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.

Loan Programs Office (LPO) announced today the closing of a $6.57 billion loan ($5.975 billion of principal and $592 million of capitalized interest) to Rivian New Horizon," the U.S. Department of Energy said.

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

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.

The Trump team has been critical of the Biden Administration’s deal, specifically former presidential candidate Vivek Ramaswamy, who said the loan “smells more like a political shot across the bow” at Elon Musk and Tesla, which is one of Rivian’s main competitors in the EV market.

Rivian has finalized a $6.6 billion loan agreement with the DOE to support the construction of a new manufacturing facility in Georgia.

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.

Rivian Automotive Inc RIVN +8.32% Get Free Report experienced a 4.02% increase in pre-market trading on Friday, according to Benzinga Pro. This comes after the company finalized a significant loan agreement with the U.S. Department of Energy (DOE) on Thursday.

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.