President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.

The electric automaker Rivian may have found a lifeline for its stalled plans for a new manufacturing plant in Georgia, winning a $6.6 billion loan from the U.S. Department of Energy in the final weeks of the Biden administration.

The U.S. Department of Energy announced Tuesday that Rivian New Horizon, LLC had received a nearly $6.6 billion loan to construct the Project Horizon manufacturing facility in Stanton Springs, Ga.