RIVN · Rivian Automotive, Inc.

Rivian Automotive, Inc., through its subsidiary Rivian New Horizon, LLC, has amended and restated its DOE loan agreement originally dated January 16, 2025, expanding access to significant non-dilutive financing critical for scaling U.S. EV production. The facility splits into a larger Note A tranche with principal up to $3.36 billion maturing in 2045 and a Note B tranche up to $651 million maturing in 2041, both with interest tied to Treasury rates without credit spread, providing cost-effective capital. Advances can be drawn over several years—Note A through April 2031 and Note B through May 2032—aligning with the multi-year construction timeline for the Georgia facility targeting 300,000 units annual capacity. Key conditions precedent, such as achieving positive gross margins, vehicle sales targets, equity contributions, and security grants over Project assets, ensure disciplined execution before funding flows. Rivian's full guarantee, backed by subsidiaries, and commitments for base and contingent equity underscore skin-in-the-game, though subordinated to DOE claims. Restrictive covenants limit financial flexibility, prohibiting excessive leverage or distributions until repayment, with events of default triggering acceleration. This positions Rivian to advance domestic manufacturing ambitions under the ATVM program while tying funding to operational milestones.