Rivian, Plug Power Win DOE Backing for Major Green Developments

January 17, 2025--Researched by Industrial Info Resources (Sugar Land, Texas)--Electric vehicle (EV) maker Rivian Automotive Incorporated (Irvine, California) and green-hydrogen developer Plug Power Incorporated (NASDAQ:PLUG) (Latham, New York) are expected to receive some last-minute support from the outgoing Biden administration, as the U.S. Department of Energy (DOE) is set to finalize billions of dollars in financing for the two companies, according to Bloomberg.

Industrial Info is tracking more than $10 billion worth of active projects across the U.S. from Rivian and Plug Power, which have major projects under construction in Illinois and New York, respectively. The lion's share of the funding will go to Rivian, which received a conditional commitment for a $6.6 billion loan in November for an EV plant.

Other companies featured: Allied Green Ammonia Pty