U.S. Senator Jon Ossoff today announced a conditional Federal loan agreement to restart stalled construction of Rivian’s electric vehicle plant in Georgia.

Sen. Ossoff announced that Rivian will receive up to $5.98 billion via a conditional Federal loan through the U.S. Department of Energy’s Loan Programs Office to restart construction of its Georgia manufacturing plant, which had been paused earlier this year.

The conditional Federal loan, which is funded through the Inflation Reduction Act, would allow Rivian to restart construction of its plant in Georgia, which had been the second largest economic development project in the State’s history.

Rivian and the Department of Energy’s Loan Programs Office (LPO) will now work to finalize the loan agreement.

“Our Federal manufacturing incentives are driving economic development across the State of Georgia. I join all Federal, State, and local leaders in congratulating Rivian on this conditional Federal loan agreement and in celebrating yet another historic Federal investment in Georgia electric vehicle manufacturing,” Sen. Ossoff said. “I thank President Biden, Vice President Harris, Secretary Granholm, and Loan Programs Office Director Shah for their continued collaboration as we lead Georgia forward.”

“We are excited to arrive at this important chapter in our growth and look forward to building our next generation of vehicles in this great country, providing 7,500 jobs that Georgians can be proud of,” said Rivian Founder and CEO RJ Scaringe. “We are grateful for our strong partnerships in Georgia and will continue to work closely with them as we bring this landmark facility to life.”

According to DOE and LPO, Rivian would produce its midsize electric vehicle platform with its R2 and R3 models as the first variants in production. The project would support up to 2,000 full-time jobs through construction and up to 7,500 operations jobs by 2030. If finalized, the loan would support construction of a 9 million square foot facility to manufacture up to 400,000 mass-market electric sport utility vehicles (SUVs) and crossover vehicles annually.

According to a recent study, since passage of the Inflation Reduction Act less than 2 years ago, the Federal manufacturing incentives Sen. Ossoff championed are benefiting Georgia more than any other state, creating over 30,000 Georgia jobs and attracting over $23.8 billion in private investment across the state.