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

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

The U.S. Department of Energy gave final approval Thursday to electric vehicle maker Rivian for a $6.6 billion loan to support its stalled Georgia factory, a huge infusion of cash intended to ensure the plant gets built.

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 funding includes the closing of a federal loan to Rivian for the construction of a Georgia manufacturing plant.

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.