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    ZeroAvia Series C Funding Image: Revolutionizing Sustainable Aviation with Hydrogen-Electric Engines, Decarbonization, and Green Initiatives.

    ZeroAvia Secures $116M in Series C Funding to Propel Zero-Emission Aviation

    Linxup Fleet Management - $50M Runway Growth Capital Investment Fuels GPS Tracking and IoT Innovation for SMBs

    Linxup Secures $50M Boost from Runway Growth Capital for GPS Tracking and Fleet Management Excellence

    LucidLink-Series-C-Funding-Filespaces-Storage-Collaboration.

    LucidLink Secures $75M in Series C Funding for Revolutionary Storage Collaboration Platform

    Princeton NuEnergy, a lithium-ion battery recycling company raised $16M to drive its LPAS™ technology for advancing sustainable energy and clean-tech solutions.

    Princeton NuEnergy’s $16M Funding Sparks a Brighter Future in Lithium-Ion Battery Recycling

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      ZeroAvia Series C Funding Image: Revolutionizing Sustainable Aviation with Hydrogen-Electric Engines, Decarbonization, and Green Initiatives.

      ZeroAvia Secures $116M in Series C Funding to Propel Zero-Emission Aviation

      Linxup Fleet Management - $50M Runway Growth Capital Investment Fuels GPS Tracking and IoT Innovation for SMBs

      Linxup Secures $50M Boost from Runway Growth Capital for GPS Tracking and Fleet Management Excellence

      LucidLink-Series-C-Funding-Filespaces-Storage-Collaboration.

      LucidLink Secures $75M in Series C Funding for Revolutionary Storage Collaboration Platform

      Princeton NuEnergy, a lithium-ion battery recycling company raised $16M to drive its LPAS™ technology for advancing sustainable energy and clean-tech solutions.

      Princeton NuEnergy’s $16M Funding Sparks a Brighter Future in Lithium-Ion Battery Recycling

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      Rivian gets a $1.5 billion incentive from the government for its manufacturing plant in Georgia

      USTechTimes Editor by USTechTimes Editor
      May 5, 2022
      Home topics Cars / autonomous vehicles
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      Electric Vehicle manufacturer Rivian is one company that is currently abuzz with new developments. The company went public in November 2021, and since then, it has had difficulty surviving the pangs of the market, taking a toll on its share, which went down by almost 71 percent on April 1, 2022.

      However, Rivian, touted as one of the most promising electric truck manufacturers in the USA, is witnessing a change in its fortune. On Monday, the electric vehicle manufacturer entered into a deal with the state of Georgia and local governments procuring an incentive of $1.5 billion for its upcoming $5 billion EV manufacturing plant east of Atlanta.

      Since then, the company is also witnessing a surge in its share price. Ford and Amazon are the company’s largest shareholders, and the market correction has come as good news for both these companies.

      The plant is supposed to create around 7,500 jobs for the local community. Georgia’s Department of Economic Development has stated that the workers will be paid $56,000 as an average annual salary.

      Defending the subsidy, Georgia’s economic development commissioner, Pat Wilson, said that the plant, which also includes a battery cell production site, was a historic win, putting Georgia “at the forefront of the electric vehicle revolution.”

      The Georgia plant, located east of Atlanta, would be Rivian’s second US assembly plant after its plant in Normal, Illinois.

      It is still a bumpy ride ahead for Rivian

      Rivian, in a statement, has said that the company is planning to operate the plant by late 2024 after all the permits and approvals are acquired. According to the agreement, Rivian ought to provide 7,5000 jobs and complete a $5 billion investment by the end of 2028 to avail of the incentives and the tax savings.

      The construction plan of the plant, over 2,000 acres of the area, met with vehement local opposition. The residents voiced their concern over the loss of rural habitat and adverse environmental impact in the area due to the upcoming project. These concerns were averted after the local government stepped in to take over the planning and zoning of the area.

      Good Jobs First, a group opposed to large subsidies being doled out to private companies, has claimed that this is by far the largest subsidy provided to any company by Georgia. Meanwhile, it is the 15th largest incentive package any state has offered to a private entity.

      However, Pat Wilson said that all the concerns are being addressed. The documents submitted on Monday show that Rivian is responding to the issues raised by the locals and moving their plant’s footprint away from the wetlands to minimize its impact on the environment.

      Factors working in favor of the EV manufacturer

      The subsidy is not the only reason for providing leverage to the Rivian stocks. The EV manufacturer has been continuously reeling under pressure due to battery manufacturing issues ailing the sector. The situation got worst with the war breaking out between Ukraine and Russia. To mitigate the losses arising from price fluctuation related to EV battery manufacturing, the company has raised the price of its EVs more than once.

      However, the announcement made by the current Biden administration regarding battery manufacturing has come as a breather for most EV manufacturing companies in the US. The administration plans to invest $3.1 billion under its $1 trillion bipartisan infrastructure law on battery manufacturing capacity.

      On Monday, a press release by the Department of Energy said that a $3.1 billion push would be provided to make more batteries and EV machineries in America, including building sustainable domestic sources of a critical materials used in lithium-ion batteries like lithium, nickel, cobalt, and graphite.

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      Tags: automobileEVinvestment
      USTechTimes Editor

      USTechTimes Editor

      USTechTimes.com is an independent new media site that focuses on the latest technology and digital news in the United States and around the world. The site focuses on new startup launching, startup funding, and development in the startup space.

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