Rivian and the Department of Energy have finalized a $6.6 billion loan announced in November with just a few days left until Donald Trump's inauguration.

The Department of Energy announced Thursday the closing of $6.6 billion in financing for Rivian to construct a Georgia manufacturing plant.

The deal in the waning days of the Biden administration could insulate the loan from attempts to cut back on the Department of Energy’s Loan Programs Office, analysts say.

Just in time, clean-energy companies Rivian Automotive Inc. and Plug Power Inc. have closed loan agreements with the Biden administration that will fund the construction of manufacturing plants in the United States.

Rivian said it closed a loan agreement with the U.S. Department of Energy for up to $6.6 billion to support construction of a new manufacturing facility in Georgia.

The Biden administration finalized billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. and hydrogen company Plug Power Inc. just days before President-elect Donald Trump returns to the White House.

The Biden administration has finalized a massive loan to electric vehicle (EV) maker Rivian just days before President-elect Trump takes office. The $6.57 billion loan will finance an electric vehicle plant in Georgia where the company,

Plug Power (NASDAQ:PLUG) +1.7% and Rivian Automotive (RIVN) +1.1% in early trading Thursday following a Bloomberg report that the Biden administration is poised to finalize billions of dollars in financing for the two companies before President-elect Trump returns to the White House.

Rivian Automotive and Plug Power shares jumped in premarket trading Thursday, up nearly 2% and over 5%, respectively, drawing significant retail investor interest. The spike came after a Bloomberg report late Wednesday revealed that both companies might secure billions in financing from the Biden administration before Donald Trump assumes office next week.