Venture Capital: Rivian Lands $2.5B; Plans Second EV Plant Including For Batteries

July 26, 2021 | Latest News, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/07/rivian-r1t-7.jpg

This round followed a $2.65 billion raise in January.

Electric vehicle maker Rivian announced Friday (July 23, 2021) its close of a $2.5 billion funding round led by Amazon’s (NASDAQ: AMZN) Climate Pledge Fund, D1 Capital Partners, Ford Motor Company (NYSE: F), and funds and accounts advised by T. Rowe Price Associates, Inc. Also investing were Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue. (CNBC)

The latest round brings Rivian’s cumulative funding to $10.5 billion since 2019. Valuation details were not provided. However, the EV startup was valued at $27.6 billion when it raised $2.65 billion in January.

The company is working on rolling out its R1T pickup (pictured) and R1S SUV, as well as a delivery van for Amazon. The production of the pickup and SUV, originally scheduled for 2020, was delayed to 2021 due to the pandemic. The pickup will enter commercial production in September on current reckoning, and the SUV soon after that.

Rivian already eyeing a second plant

A Reuters report said Thursday that the EV startup was planning to build a second U.S. assembly plant including the production of battery cells. “While it’s early in an evolving process, Rivian is exploring locations for a second U.S. manufacturing facility,” company spokeswoman Amy Mast said to Reuters.

A knowledgeable source also told Reuters that Rivian was planning a public listing this year that could garner a valuation of north of $50 billion.

“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” said Rivian CEO RJ Scaringe. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”

“We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers,” said Dan Sundheim, Founder of D1 Capital Partners.

Related Story:  EV Startup Rivian Rakes In $2.65B At A $27.6B Valuation

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/08/10_sound_box_2.0_payment_terminal_storage_optimization-2-800x500-1.jpg
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…

https://dailyalts.com/wp-content/uploads/2022/08/planet-g69e0d7747_640.jpg
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.

https://dailyalts.com/wp-content/uploads/2022/08/picpay-lover.jpg
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…

https://dailyalts.com/wp-content/uploads/2022/08/one-braham-logo-2.jpg
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…