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

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

In the effort towards decarbonisation, North America could be a key player in providing affordable natural gas, addressing energy security issues

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy

Ørsted closes US$140m transaction with ECP for US portfolio

Renewable Energy