By Rivian, the electric vehicle (EV) manufacturer, has recently amended its agreement with the state of Georgia to construct a cutting-edge EV production facility. This amendment outlines specific requirements for job creation and capital investment.
According to a regulatory filing made by Rivian on Friday, the company is obligated to uphold its commitments to the state beginning December 31, 2030, and continuing until December 31, 2047. These commitments encompass the establishment of 7,500 new jobs and a minimum investment of $5 billion in the project.
To maintain compliance, Rivian must achieve at least 80% of its commitments annually. Failure to meet this target will result in the company returning a portion of the incentive payments received from the state.
Furthermore, the amendment grants Rivian the option to pursue loans for project financing, subject to specific conditions agreed upon by the state and a coalition of county governments.
In the regulatory filing, Rivian highlights that this amendment allows the company to terminate the agreement prior to April 1, 2024, if reliable assurances cannot be provided by the state regarding zoning and ordinance exceptions at the project site.
Comments