Arrival funding boost will fuel global expansion

By Dominic Ellis
Commercial EV tech company receives $118 million from funds managed by BlackRock...

Commercial EV tech company Arrival is set to put its foot on the global expansion pedal after receving an $118m funding boost from BlackRock.

In a website statement, the firm said the funding will enable it to "ramp up" growth plans including the launch of Arrival's first US microfactory in South Carolina - a move it describes as "transformative" as it will cut production costs and shipping emissions. The $46m site aims to start production in Q4 2021.

The firm, headquartered in the UK with over 1,200 global staff - which topped LinkedIn's annual Top Start-ups list - has received an order for 10,000 electric vans from logistics company UPS, with the option for a further 10,000, and foresees strong demand with US commercial and passenger fleets alone set to top 8m by 2030. In June, it unveiled plans for a zero-emission bus.

BlackRock joins other strategic investors including Hyndai Motor Company, Kia Motors Corporation and UPS.

Share

Featured Articles

Q&A: ENGIE Impact’s Exec MD for EMEA & APAC Mark Chadwick

Companies must look forward and devise strategies to decarbonise their operations. ENGIE Impact’s 2024 Net Zero report shares their ambitions vs. actions

Mercedes F1 Team first in motorsport to sign Climate Pledge

Mercedes-AMG PETRONAS F1 have become the first motorsport team to sign The Climate Pledge, committing to reach Net Zero carbon emissions by 2040

Onward: Shell Launches Trailblazing Global Climate Tech

Powered by Shell, Onward’s new advisory board includes executives from major global companies including Nike and XPRIZE to accelerate the energy transition

Bechtel & Westinghouse Unite for European Nuclear Power

Renewable Energy

Swedish Power Company Vattenfall Celebrates 115 years

Utilities

Amazon to use Half of Offshore Wind Farm’s Renewable Energy

Renewable Energy