Arrival funding boost will fuel global expansion
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.