Rivian Automotive (RIVN) and Plug Power (PLUG) may receive billions of dollars in financing from the outgoing US administration before Donald Trump assumes office next week, Bloomberg reported late Wednesday, citing people familiar with the matter.
The Department of Energy plans to provide a $1.7 billion loan guarantee for Plug Power to build hydrogen plants, as well as close a federal loan for Rivian's Georgia manufacturing facility, potentially worth around $6.6 billion, the report said.
The Department of Energy plans to announce the financing on Thursday, the report said.
Vivek Ramaswamy, who is set to lead the Department of Government Efficiency in the new Trump administration, criticized the financing for Rivian in a post on social media platform X, calling it "more like a political shot across the bow" at Elon Musk and Tesla (TSLA).
When inquired by Bloomberg, the Energy Department and the companies did not immediately respond to requests for comment.
Rivian and Plug Power did not immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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