- Funding will make it possible for REE to advance business manufacturing of its breakthrough REEcorner™ know-how and ultra-modular EV platforms
- Task to help accelerate market shift in the direction of web zero-emissions with REE’s technological innovation designed to aid considerable vary of electric powered autos
TEL AVIV, Israel, Aug. 19, 2021 (Globe NEWSWIRE) — REE Automotive Ltd. (NASDAQ: “REE”), an innovator in e-mobility which recently started off to trade on Nasdaq, these days announced that its REEcorner™ know-how was awarded $17 million USD funding from the Uk federal government as component of a $57 USD million expenditure, coordinated via the Highly developed Propulsion Centre (APC). The financial investment is in line with the United kingdom government’s ambition to speed up the change to zero-emission automobiles and de-carbonize the UK’s transport networks. The award funding follows an intensive vetting and variety procedure from which REE’s project and a few other transformational initiatives had been chosen among dozens of providers. Together, the 4 initiatives could help save practically 32m tons of carbon emissions, which is equivalent to the lifetime tailpipe emissions of 1.3m vehicles. The financial commitment will enable travel electricity-preserving technology across a broad vary of vehicles and propel forward a inexperienced financial system recovery.
The United kingdom money will let REE to aid commercial output of its breakthrough REEcorner™ technological know-how and extremely-modular electric powered vehicle platforms, which includes engineering structure, validation, verification and tests and item homologation.
REEcorner™ know-how packs vital auto components (e.g. steering, braking, suspension, powertrain and control) into a one compact module found between the chassis and the wheel, thus enabling fully-flat EV platforms. REE’s extremely-modular EV platforms are designed to offer you enhanced payload capability by delivering more room for carrying travellers, cargo and batteries and increased entire body layout versatility and autonomous capacity.
Ian Constance, Chief Government at the APC said: “These initiatives tackle some seriously significant troubles in the journey to internet-zero road transportation. They tackle variety anxiousness and value, which can be a barrier to men and women earning the swap to electrical vehicles and they also provide potential alternatives to the challenge of how we decarbonize community transportation and the motion of goods. By investing in this innovation, we’re having these technologies closer to the issue in which they are commercially viable, which will reinforce the UK’s automotive supply chain, safeguard or generate jobs and cut down harmful greenhouse emissions.”
Minister for Investment Lord Grimstone stated: “By investing tens of hundreds of thousands in the know-how needed to decarbonize our streets, not only are we performing tough to close our contribution to weather adjust, but also ensuring our automotive sector has a aggressive upcoming that will protected 1000’s of really-skilled work. Seizing the possibilities that occur from the world eco-friendly automotive revolution is central to our plans to create again greener, and these profitable projects will support make the widespread application and adoption of chopping-edge, clean up automotive technology a truth.”
Mike Charlton, REE’s COO: “REE is honored to have been chosen as receiver of the United kingdom funding to assistance REE financial investment in the British isles automotive ecosystem adhering to an substantial vetting and range system. With the opening of our Engineering Centre in the United kingdom in February this year, this reaffirms our dedication to the region and is in line with our plans for the mass output of our breakthrough REEcorner and electrical motor vehicle system technological know-how. The United kingdom is an perfect locale for a revolutionary automotive enterprise like REE many thanks to the country’s dedication to car electrification which dovetails with our vision of propelling a zero-emissions, greener foreseeable future for our era and individuals to arrive.”
About REE Automotive
REE is an automotive technologies leader building the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower world mobility companies to develop any sizing or form of electrical or autonomous motor vehicle – from course 1 through course 6 – for any software and any target current market. Our groundbreaking, award-successful REEcorner engineering packs conventional vehicle push elements (steering, braking, suspension, powertrain and regulate) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy wondering, REE is a genuinely horizontal participant, with engineering relevant to the widest array of focus on marketplaces and programs. Fully scalable and fully modular, REE provides multiple client positive aspects such as complete auto design and style liberty, additional place and volume with the smallest footprint, lower TCO, more quickly improvement situations, ADAS compatibility, lowered maintenance and world-wide protection regular compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the United states, the United kingdom and Germany, REE has a CapEx-gentle producing model that leverages its Tier 1 partners’ existing production strains. REE’s technological innovation, jointly with its exceptional price proposition and motivation to excellence, positions REE to split new ground in e-Mobility.
For more information visit: www.ree.vehicle
Chief Promoting Officer | REE Automotive
VP Trader Relations | REE Automotive
Caution About Ahead-On the lookout Statements
This conversation contains forward-hunting statements inside of the which means of the Personal Securities Litigation Reform Act of 1995. All statements, other than statements of historical details, could be forward-wanting statements. Words and phrases such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plan,” “projects,” “believes,” “views,” “estimates”, “future”, “allow”, “aims”, “strives” “endeavors” and related expressions are utilized to establish these forward-wanting statements. These statements incorporate, amongst other issues, the Company’s statements about the Company’s strategic and company options, relationships or outlook, the effects of developments on and fascination in its enterprise, mental property or solution and its potential outcomes. These forward-wanting statements are centered on REE’s anticipations and beliefs regarding potential functions and require challenges and uncertainties that might lead to real final results to vary materially from latest expectations. These components are challenging to forecast precisely and may be outside of REE’s handle. Forward-on the lookout statements in this conversation or in other places converse only as of the day designed and REE undertakes no obligation to update its ahead-on the lookout statements, whether or not as a consequence of new facts, long run developments or otherwise, must instances adjust, apart from as usually required by securities and other applicable laws. In light-weight of these risks and uncertainties, traders should really retain in head that benefits, events or developments discussed in any ahead-hunting statement designed in this conversation might not come about. Uncertainties and threat factors that could have an affect on REE’s foreseeable future efficiency and trigger outcomes to differ from the ahead-hunting statements in this launch include, but are not constrained to: REE’s capability to commercialize its strategic approach REE’s capacity to preserve and progress relationships with latest Tier 1 suppliers and strategic associates advancement of REE’s sophisticated prototypes into marketable items REE’s ability to grow and scale production ability via interactions with Tier 1 suppliers REE’s estimates of unit sales, expenses and profitability and underlying assumptions REE’s reliance on its Uk Engineering Centre of Excellence for the style, validation, verification, screening and homologation of its solutions REE’s confined running background challenges affiliated with designs for REE’s first industrial output REE’s dependence on opportunity suppliers, some of which will be solitary or restricted resource growth of the marketplace for business EVs powerful competitors in the e-mobility place, such as with competitors who have drastically much more methods hazards linked to the fact that the Firm is incorporated in Israel and governed by Israeli regulation REE’s means to make ongoing investments in its system the impact of the ongoing COVID-19 pandemic and any other around the globe wellness epidemics or outbreaks that might occur the will need to appeal to, prepare and keep hugely-expert complex workforce adjustments in legislation and laws that influence REE REE’s means to implement, defend and manage mental property legal rights REE’s potential to retain engineers and other very experienced workforce to additional its plans and other hazards and uncertainties established forth in the sections entitled “Risk Factors” and “Cautionary Be aware With regards to Forward-On the lookout Statements” in REE’s ultimate prospectus relating to its business enterprise combination submitted with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. Whilst the list of components mentioned higher than and the checklist of things presented in the closing prospectus are regarded representative, no such record ought to be deemed to be a complete statement of all potential pitfalls and uncertainties. Unlisted things may present substantial supplemental obstructions to the realization of ahead-hunting statements.
About the Innovative Propulsion Centre
The Innovative Propulsion Centre (APC) collaborates with British isles federal government, the automotive market and academia to speed up the industrialisation of technologies, supporting the transition to provide net-zero emission autos.
Due to the fact its basis in 2013, APC has funded 170 low-carbon jobs involving 402 companions, doing the job with providers of all dimensions, and has assisted to generate or safeguard around 50,000 positions in the British isles. The systems developed in these assignments are projected to help you save above 260 million tonnes of CO2, the equal of eliminating the lifetime emissions from 12 million vehicles.
With its deep sector experience and reducing-edge expertise of new propulsion technologies, APC’s purpose in making and advising task consortia helps tasks begin additional speedily and deliver enhanced worth. In the more time expression, its perform to push innovation and encourage collaboration is constructing the foundations for a prosperous and sustainable Uk automotive business.
In 2019 the British isles federal government fully commited the Automotive Transformation Fund (ATF) to accelerate the improvement of a internet-zero car or truck provide chain, enabling United kingdom-based producers to provide world-wide markets. ATF investments are awarded by the APC to help strategically critical Uk money and R&D investments that will permit firms associated in batteries, motors and drives, electrical power electronics, gas cells, recycling, and related source chains to anchor their upcoming.
For more info go to apcuk.co.united kingdom or follow us @theapcuk on Twitter and Superior Propulsion Centre United kingdom on LinkedIn.