Ørsted and partners secure funding for H2RES project; offshore wind power to produce renewable hydrogen for road transport
ExxonMobil discovers more oil offshore Guyana at Mako-1 well on the Stabroek Block

EV maker Rivian closes $1.3B funding round led by T. Rowe Price

Rivian has closed an investment round of $1.3 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. Amazon, Ford Motor Company and funds managed by BlackRock also participated in the round.

The investment announcement is Rivian’s fourth of 2019.

  • In February, Rivian announced a $700-million funding round led by Amazon.

  • In April, Rivian announced that Ford Motor Company invested $500 million and that the companies would collaborate on a vehicle project utilizing Rivian’s skateboard platform.

  • In September, Cox Automotive announced its $350-million investment in Rivian, complemented by plans to collaborate on logistics and service.

In addition to these investments, in late September, Rivian announced it was collaborating with Amazon on the development of an electric delivery van utilizing Rivian’s platform technology and that 100,000 of these vans had been ordered with deliveries starting in 2021.

Starting with a clean sheet, Rivian has developed its vehicles with adventurers at the core of every design and engineering decision. The company’s launch products, the R1T and R1S, deliver up to 400+ miles of range and provide an unmatched combination of performance, off-road capability and utility.

These vehicles use the company’s flexible skateboard platform and will be produced at Rivian’s manufacturing plant in Normal, Ill., with customer deliveries expected to begin at the end of 2020.

No new board seats have been added, and additional details about this investment are not being disclosed at this time.

Comments

The comments to this entry are closed.