Market Chatter: Rivian, Plug Power Expected to Receive Financing From Outgoing Biden Administration

MT Newswires Live

Jan 16, 2025

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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1720051108.HKD","symbol_name":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2503960936","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2503960936","pubTimestamp":1737028028,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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