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California EV maker Rivian has said it has secured conditional approval of a loan of up to $6.6 billion from the U.S. Department of Energy to build a production facility in Georgia. Among those conditions is a big one, that the company won’t actively oppose union organizing efforts.

Rivian has been setting plans in place to build a plant in Georgia – the company’s second US plant – but the company has hit some tough economic times, with shares dropping about 50% this year. Earlier this year, the company put its Georgia factory on hold.

Since, it has been building its smaller, more affordable R2 SUV at its plant in Normal, Illinois, where it also makes its flagship R1S SUVs and the R1T pickup trucks.

Rivian-Q3-2024-earnings

“This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” Rivian CEO RJ Scaringe said in the statement.

Of course, it is “conditional” approval, meaning that Rivian has “to satisfy certain technical, legal, environmental, and financial conditions before the energy department grants the loan,” the company said.

Rivian secures a $6.6 billion loan from the US Department of Energy – with a few stipulations

While details of the conditions weren’t included in the original report, one detail was, at least touched on: that Rivian will not, in fact, actively oppose union organizing efforts at the Georgia plant, a source close to the subject told Reuters. But that of course, the loan wouldn’t “guarantee unionization” at the plant either. In an email, Rivian declined to comment on the matter at this time.

The Illinois factory, its only plant, has also been in the spotlight due to racking up more “serious” US safety violations than any other automaker since the start of 2023, according to Bloomberg. And the company hasn’t been exactly warm to unionizing efforts, despite pressures from President Biden to do so. Back when Rivian applied for financing from the Department of Energy, the government was already nudging the company to shift to a friendlier stance toward the United Auto Workers Union, although what that exactly means isn’t clearer. It could mean, as Bloomberg cited in July, to include discussion around labor engagement and showing more openness to working with labor unions. Of course, the incoming president has a different stance on this issue, so perhaps the current lack of clarity is just a way of holding off until we have a better idea of how both the EV landscape and UAW support will change.

The Rivian factory in Normal employs around 7,400 workers, and the EV maker is one of the city’s largest employers, with multiple members of some families working at the plant.

Rivian’s Georgia plant will have a yearly capacity of 200K

The Georgia loan comes from the government’s Advanced Technology Vehicles Manufacturing loan program, which has also given loans to Tesla, Ford, and GM.  Rivian’s Georgia EV plant is the second-largest development project in the state behind Hyundai’s $7.6 billion facility that began production last week.

The plant would help Rivian bring 400,000 EVs to market “and into greater use,” the Department of Energy said back in October as it was considering the loan. The 1,744-acre site for the plant is 40 miles east of Atlanta, and will include two production blocks, each with a capacity of up to 200,000 vehicles annually. Rivian is expected to break ground in the second quarter of 2026.

Monday, Rivian announced that the loan includes $6 billion of principal and $600 million of capitalized interest. The news follows that of Rivian closing its $5.8 billion investment from Volkswagen as part of their technology joint venture. Back in 2022, Rivian secured $1.5 billion in state and local incentives for the Georgia plant. In May, the EV maker received $847 million in state incentives to expand its Illinois factory.

Photo credit: Rivian


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OpenAI leads private market surge as 7 tech startups reach combined $1.3 trillion valuation

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OpenAI leads private market surge as 7 tech startups reach combined .3 trillion valuation

OpenAI surges to first place as Forge's Private Mag 7 hit $1.2 trillion

Three years ago, Sam Altman lit the fuse for what’s become the most explosive bull run in the history of tech startups with the launch of ChatGPT.

Along with OpenAI’s rapid rise to a $500 billion valuation, other prominent names like SpaceX, Anthropic and Anduril have seen astronomical markups of late. In total, a basket of seven of the highest-valued private tech companies is now worth $1.3 trillion on paper, almost doubling in the past year, according to Forge Global, which provides a marketplace for private investments.

Forge’s value assessments are based on trading activity as well as funding round valuations and tender offers.

That number is continuing to grow. On Friday, CNBC’s David Faber reported that Elon Musk’s xAI is raising $10 billion at a $200 billion valuation, just months after achieving a $150 billion valuation.

Like in the public markets, where the artificial intelligence boom has dramatically lifted the market caps of Nvidia, Broadcom, Oracle and others, AI is also the dominant driver of private market valuations.

OpenAI leads the pack (Forge values it at $324 billion), followed by four-year-old Anthropic at $178 billion, with xAI at $90 billion, according to Forge. Those three companies are all competing directly with one another, as well as with Google and Meta, to create the large language models of the future.

Databricks, which is also one of Forge’s seven leading companies, is valued at $100 billion, due to the data analytics startup’s hefty investments in AI.

The other companies in the group are Musk’s SpaceX, fintech company Stripe and defense tech company Anduril, valued by Forge at $456 billion, $92 billion and $53 billion, respectively. AI is having such a big impact on defense and national security that Forge created a new defense fund to give institutions exposure to the sector.

Sam Altman, CEO of OpenAI (L) and Elon Musk, CEO of Tesla.

Reuters

As as a group, they’ve quadrupled their value since late 2022, when ChatGPT first hit the market.

Forge CEO Kelly Rodriques said that the valuation surge is reflective of actual growth, not just projections.

“We’ve not seen this in the private market ever,” he said. “Companies that are growing at 100%, 200%, 300% on numbers that are already pretty big.”

The hunger for AI exposure is reshaping capital flows into AI, beyond just the few companies at the very top. According to Forge, 19 AI firms have raised $65 billion so far this year, accounting for 77% of all private-market capital.

With that kind of cash available, those companies have little incentive to going public, Rodrigues said.

“If these stocks are liquid and have access to as much capital as they can get, regulation is probably the only thing stopping them from staying private for as long as they want,” he said.

Even without being publicly traded, they’re having a significant impact on the public markets.

Oracle’s stock jumped 36% in a single day this month after the software maker’s earnings report, largely due to a massive contract with OpenAI. Broadcom also forged a new mammoth deal with the ChatGPT creator, while Microsoft continues to benefit from its substantial equity stake in the company.

Microsoft, Amazon, Google and Meta all recently raised capital spending guidance to reflect infrastructure demand.

OpenAI’s Altman sees some reasons for caution.

At a dinner with reporters in San Francisco last month, he described current valuations as “insane” and acknowledged that yes, “we are in a bubble.”

But he’s still betting big.

“You should expect OpenAI to spend trillions of dollars on datacenter construction,” he said. “We will spend maybe more aggressively than any company who’s ever spent on anything… because we just have this very deep belief in what we’re seeing.”

WATCH: Musk, Altman rivalry escalates with new OpenAI hire

Musk, Altman rivalry escalates with new OpenAI hire

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Trump wields ‘golden share’ to halt U.S. Steel plant shutdown, WSJ reports

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Trump wields ‘golden share’ to halt U.S. Steel plant shutdown, WSJ reports

U.S. President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., U.S., Sept. 19, 2025.

Ken Cedeno | Reuters

The Trump administration stepped in to stop U.S. Steel from idling operations at its Granite City, Ill., plant, exercising new powers tied to the company’s recent takeover, the Wall Street Journal reported.

The steelmaker had informed nearly 800 workers that the plant would close in November, noting however that they would still be paid. But after Commerce Secretary Howard Lutnick warned CEO Dave Burritt the administration wouldn’t allow it, U.S. Steel reversed course on Friday, saying the facility would keep rolling slabs into sheet steel, the Journal reported, citing a person familiar with the matter.

The intervention marked Trump’s first use of so-called “golden share” rights, a condition of the $14.1 billion takeover by Japan’s Nippon that cleared in June. The national-security agreement gave the White House veto power over plant closures, offshore production shifts and other strategic decisions.

U.S. Steel didn’t immediately respond to CNBC for comment.

The move highlights Trump’s growing hand in the private sector. Last month, the president said the government would take a 10% stake in Intel, after the chipmaker received billions in subsidies under the 2022 Chips Act.

In June, when the deal was announced, Trump told U.S. Steel workers that Nippon would be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.

Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” At the time, he said workers would receive a $5,000 bonus.

Read the complete WSJ story here.

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Two days left to comment on EPA’s plan to raise gas prices 76c/gal, kill thousands

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Two days left to comment on EPA's plan to raise gas prices 76c/gal, kill thousands

In July, the US Environmental Protection Agency proposed a plan to delete its scientific finding recognizing that greenhouse gases are harmful to human health, with the goal of making cars less efficient and more costly to fuel. That plan went up for public comment last month, and the public comment period closes in two days, on September 22.

At issue is the EPA’s “Endangerment Finding,” which is the scientific basis of EPA’s regulation of harmful greenhouse gases. The endangerment finding found that greenhouse gases are harmful to human health, recognizing a scientific fact that every serious person has known for a long time – but now it was at least codified into federal procedure.

The Endangerment Finding focused specifically on carbon dioxide (CO2), methane (CH4), sulfur hexaflouride (SF6), hydroflourocarbons (HFCs), nitrous oxide (N2O), and perfluourocarbons (PFCs, now more commonly known as PFAS or “forever chemicals”), all of which we are certain cause climate change and harm humans.

And, in fact, the EPA is required to regulate these pollutants by the Clean Air Act, which tells the EPA that it must work to reduce air pollution.

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Lee Zeldin wants to poison you and raise your fuel costs

Despite that legal requirement, in July, Lee Zeldin, a fraudster placed into the position of chief saboteur of the EPA by a convicted felon who sought a billion-dollar bribe from the oil industry while running for an office he is Constitutionally barred from holding, announced that he would repeal this finding, flying in the face of law, science, public health and American economic interests.

Zeldin’s stated purpose for attempting to delete this finding is because if the finding is gone, it will allow him to roll back other life- and money-saving vehicle efficiency regulations. He wants to revert those regulations because they constrain the fossil fuel industry – which has given him hundreds of thousands of dollars in bribes over his political career.

The specific regulations that Zeldin has his eyes on are automotive regulations put in place by the EPA under President Biden. According to the government’s own numbers, these regulations stand to save 2,000 lives per year and save Americans over $100 billion dollars per year in fuel and health costs.

In announcing his illegal plan to kill Americans and cost all of us more money, Zeldin was joined by Chris Wright, a former oil CEO who is currently the titular head of the Department of Energy. In April, Wright signed off on a DoE report which said the rollbacks sought by Zeldin would raise gas prices by 76 cents per gallon, showing that the people behind this plan know it will increase your costs and yet are shoving it down your throat anyway.

The reason gas prices would rise is because of higher demand. If vehicles are less efficient, not only will they burn more gasoline thus costing you more money and also causing more pollution, more dependency on foreign oil and higher health costs for everyone, but that gasoline will be more expensive because that’s what happens to prices of products when demand rises. And the proceeds from those higher gas prices aren’t going to anything societally beneficial, they’re rather going to line the pockets of oil elites.

Wright’s office also offered a junk report (which is wrong in 100 ways) to justify the EPA’s position, claiming wrongly that climate change isn’t all that bad. But in doing so, the DoE misinterprets data, which the author of one of the cited studies immediately pointed out that the DoE misinterpreted. So, even the stretched justifications offered for the plan are steeped in the ignorance we have come accustomed to since late January.

So far, this clearly harmful plan has only been proposed, and has been open for public comment on regulations.gov since early September, where interested members of the public can leave substantive comments on whether they support the planned regulatory change or not.

Since then, comments have been rolling in, though the docket only shows a total of 676 approved comments as of this writing. This seems exceptionally low, given that the original endangerment finding produced some 380,000 comments.

As it turns out, the EPA has actually received a total of 111,596 comments so far, but it has been approving those comments for public posting at a glacial pace. At the current rate, it will take some 30 years for the agency to sift through and approve all the comments.

We reached out to the EPA to ask what was taking so long, and it said that it was busy categorizing comments based on whether they were part of a mass comment campaign or written by individual commenters, and sorting through them for the presence of profanity (although, one wonders if profanity is really all that unjustified when it’s on a plan that will knowingly kill thousands of people per year). Many comments have been “deferred” after an initial scan, awaiting another look.

Regardless, the number of approved comments is still incredibly small compared to the total, and it’s hard not to wonder if something nefarious is happening here.

Looking through the few comments EPA has accepted, the vast majority seem to be in favor of the reasonable and both scientifically and legally correct position of maintaining the Endangerment Finding. If these are the comments that EPA deigned to allow through, even in the midst of its efforts to kill Americans, then we can imagine even more vehement opposition to its plan in the 110,920+ comments it has hidden (including this author’s… which was made as soon as the docket went up for comment, and much like this article, is forceful and truthful but not profane).

In addition to the public comment site, EPA also held a virtual public hearing, where interested members of the public could call in to make their voices heard. The vast majority of callers supported the scientifically correct position of maintaining the finding.

The comment period is also much shorter than usually expected for regulations like this, as pointed out by a comment made by the Attorneys General of several states. The comment period is likely smaller than legally required of the EPA, just another example of the EPA breaking the law to try to kill you. After this comment, EPA did extend the comment period… by one week, from September 15 to September 22. Which is still not as long as the legal requirement.

Public comments can be submitted here. In case you get lost, the docket code is EPA-HQ-OAR-2025-0194.

If Zeldin pushes forward with his idea despite the inevitable public opposition to a plan to raise Americans’ costs and make their lives more deadly, the move will likely be caught up in courts for years, wasting Americans’ time and money and jeopardizing American competitiveness as the world rapidly moves towards improving vehicle efficiency without us.

Even if this clearly unwise and probably illegal move loses in court eventually, we still will have lost time in the transition – giving Zeldin’s oil masters some extra runway to sell their poison to us, and ensuring America’s competitors get a leg up in the transition to cleaner technologies while Americans remain forever poorer and sicker as a result of the republican party’s actions.

Public comments on this ridiculous plan are open through September 22 at 11:59PM EDT, 8:59PM PDT. Comments can be submitted here. In case you get lost, the docket code is EPA-HQ-OAR-2025-0194. EPA has to respond to legitimate concerns made during public comment periods or else the rule could be voided, so the more substantive your comment, the better.


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