A nearly $6 billion federal loan will help electric-vehicle manufacturer Rivian restart construction of a $5 billion vehicle and battery plant near Covington.

Scaringe, the son of an engineer and who was obsessed with cars as a kid, knew early he wanted to start his own business. The MIT engineering doctorate turned his dream into a reality in 2009 when he founded what would become Rivian, whose name stems from the Indian River in Florida where Scaringe spent his youth.

Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker's production facility in Georgia.

A loan from the U.S. Department of Energy could jumpstart Rivian’s stalled plans for an EV facility in Georgia, setting the stage for mass-market electric SUVs.

President Joe Biden’s administration will loan $6.6 billion to electric vehicle maker Rivian Automotive to build a Georgia factory

Irvine electric-vehicle maker Rivian has conditional approval for a $6.6-billion loan to fund the construction of a new plant in Georgia.

Rivian paused work on the plant earlier this year amid financial difficulties. The factory is supposed to produce midsize and crossover SUVs.

The loan is a critical step for the EV maker, which had halted work on its plant after struggling to become profitable.

Rivian said it will use a $6.6 billion government loan to “aggressively” scale manufacturing of its R2, which is coming in 2026.