Clean-Energy Filing Watch — what 4 companies quietly changed
RIVN · LCID · PLUG · CHPT · their 2026 10-K Risk Factors, diffed against 2025. The changes that matter, ranked — including the ones they removed.
Rivian (RIVN)
10-K 2025-02-24 → 2026-02-12
New Customer concentration on Volkswagen — "a significant portion of our software and services revenues has been from Volkswagen Group," which now holds 11.5% voting power. A new commercial and governance dependency.
Removed The Amazon EDV volume-shortfall risk is gone as a standalone risk.
Escalated Tariffs moved from conditional to confirmed — suppliers "have notified us of potential supply chain impact," costs now stated as certain.
Escalated Clean-energy policy rollback hardened from "intention to reverse" to actions that "have reversed."
Lucid (LCID)
10-K 2025-02-25 → 2026-02-24
Removed The "no permanent CEO" risk was dropped for generic key-employee language — the seat looks filled.
Escalated Supply-chain disruption moved from hypothetical to realized: it "has led … to production delays, idle manufacturing facilities" (now incl. magnets).
Escalated Federal EV-funding scrutiny disclosed as an actual event (paused funding "was lifted in August 2025" with "continued administrative scrutiny").
New Autonomy scope broadened from ADAS to "ADAS and AV technologies" + third-party AV hardware.
Plug Power (PLUG)
10-K 2025-03-03 → 2026-03-02
Removed The DOE loan-facility risk is entirely absent — the lifeline appears abandoned or resolved.
Escalated A named retreat: Plug "may defer, modify or pivot away from certain facilities … such as the Texas hydrogen plant."
Escalated Accumulated deficit $6.6B → $8.2B; the convertible complex replaced by ~143.7M shares issuable at $3.00 (large potential dilution).
New Banking/financial-sector contagion named as a discrete risk to capital access.