Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

Electric vehicle manufacturer Rivian will receive nearly $6.6 billion from the Biden administration to construct a factory in Georgia as part of the White House’s agenda to expand the EV industry. The Energy Department’s Loan Program Office announced Tuesday that Rivian will receive a direct loan of up to $6.