Biden Administration to Finalize Financing for Rivian and Plug Power Ahead of Trump's Return
Key Ideas
- The Biden administration is set to provide billions of dollars in financing to Rivian Automotive Inc. and Plug Power Inc.
- The funding includes a loan guarantee of almost $1.7 billion for Plug Power to build hydrogen plants in Latham, New York.
- This financial support is crucial for Plug Power's growth plans and expansion in the hydrogen industry.
- The announcement of this funding is expected to take place soon, possibly as early as Thursday by the Energy Department.
The Biden administration is on the verge of finalizing significant financing for electric-vehicle manufacturer Rivian Automotive Inc. and hydrogen company Plug Power Inc. The funding, which is anticipated to be officially disclosed by the Energy Department imminently, comprises a substantial loan guarantee of close to $1.7 billion earmarked for Plug Power. This financial aid is intended to facilitate the construction of vital hydrogen facilities in Latham, New York, which are pivotal to Plug Power's strategic expansion initiatives. The support from the government is viewed as a positive development for Plug Power, providing them with the financial backing necessary to advance their plans within the hydrogen sector. The impending announcement of this funding is likely to occur shortly, with Thursday being mentioned as a potential date for the revelation of this crucial investment in the hydrogen infrastructure.