Rivian Amends Agreement With Georgia for EV Plant

By Ben Glickman

Rivian amended its agreement with the state of Georgia to build an electric-vehicle production facility, specifying how long it would have to provide jobs and commit capital investment.

The EV maker said in a regulatory filing Friday that it would be required to maintain its commitments to the state from Dec. 31, 2030, to Dec. 31, 2047. Those commitments include creating 7,500 new jobs and investing at least $5 billion in the project.

If Rivian fails to achieve an average of 80% of its commitments in a given year, the company must return part of the incentive payments it received from the state.

The amendment also allows Rivian to seek loans to finance the project under certain conditions agreed to by the state and a coalition of county governments.

Rivian said in the filing that the amendment gave the company the ability to terminate the agreement before April 1, 2024, if the company cannot be guaranteed by the state to have zoning and ordinance exceptions at its project site.

Write to Ben Glickman at [e-mail]

(END) Dow Jones Newswires

September 29, 2023 16:56 ET (20:56 GMT)

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