05:10 PM EST, 01/16/2025 (MT Newswires) -- Rivian Automotive ( RIVN ) said late Thursday it closed a loan agreement with the US Department of Energy for up to $6.6 billion to back the construction of a plant in Stanton Springs North, Georgia.

The loan will be divided into two phases for Rivian's Georgia facility, with the first phase expected to reach up to $3.4 billion and the second phase up to $2.6 billion.

Construction is slated to start in 2026 with production of customer vehicles expected to take place in 2028, Rivian said.

The company's shares were rising past 5% in after-hours trading.