Scaringe, the son of an engineer and who was obsessed with cars as a kid, knew early he wanted to start his own business. The MIT engineering doctorate turned his dream into a reality in 2009 when he founded what would become Rivian, whose name stems from the Indian River in Florida where Scaringe spent his youth.

Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.

Key Takeaways Rivian announced late Monday that the EV startup has received initial approval for a loan from the U.S. government to build a factory in Georgia.The company could receive a $6.6 billion loan from the Department of Energy's Advanced Technology Vehicle Manufacturing program,

The conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing program includes $6 billion in principal and approximately $600 million in capitalized interest.

The US Department of Energy will loan Rivian $6.6 billion to build an electric vehicle factory in Georgia, the company announced last night. The announcement comes as Democrats scramble to finalize their climate agenda before Donald Trump takes office.