REE Automotive Awarded $17 USD Million Funding from the Uk

  • Funding will enable REE to advance professional creation of its breakthrough REEcorner™ engineering and ultra-modular EV platforms
  • Venture to enable speed up marketplace shift to web zero-emissions with REE’s know-how created to assistance intensive selection of electrical autos

TEL AVIV, Israel, Aug. 19, 2021 (World NEWSWIRE) — REE Automotive Ltd. (NASDAQ: “REE”), an innovator in e-mobility which not too long ago began to trade on Nasdaq, nowadays announced that its REEcorner™ know-how was awarded $17 million USD funding from the United kingdom government as part of a $57 USD million expenditure, coordinated by means of the State-of-the-art Propulsion Centre (APC). The expenditure is in line with the Uk government’s ambition to accelerate the shift to zero-emission cars and de-carbonize the UK’s transportation networks. The award funding follows an intensive vetting and range method from which REE’s venture and three other transformational initiatives were picked amongst dozens of organizations. Together, the 4 assignments could help you save virtually 32m tons of carbon emissions, which is equivalent to the life span tailpipe emissions of 1.3m autos. The financial commitment will help travel power-conserving technological know-how throughout a vast range of vehicles and propel ahead a eco-friendly overall economy recovery.

The United kingdom resources will let REE to aid industrial creation of its breakthrough REEcorner™ know-how and extremely-modular electric powered auto platforms, such as engineering layout, validation, verification and tests and item homologation.

REEcorner™ engineering packs vital motor vehicle parts (e.g. steering, braking, suspension, powertrain and command) into a one compact module situated amongst the chassis and the wheel, so enabling absolutely-flat EV platforms. REE’s ultra-modular EV platforms are designed to provide improved payload capability by furnishing a lot more home for carrying travellers, cargo and batteries and enhanced physique structure adaptability and autonomous capability.

Ian Constance, Chief Executive at the APC said: “These assignments deal with some truly important problems in the journey to net-zero street transportation. They address range anxiety and charge, which can be a barrier to people creating the change to electric powered cars and they also give prospective methods to the challenge of how we decarbonize public transport and the motion of goods. By investing in this innovation, we’re taking these systems closer to the issue where they are commercially feasible, which will bolster the UK’s automotive source chain, safeguard or develop work opportunities and cut down unsafe greenhouse emissions.”

Minister for Financial investment Lord Grimstone stated: “By investing tens of thousands and thousands in the technologies essential to decarbonize our roads, not only are we functioning challenging to conclusion our contribution to local climate adjust, but also making certain our automotive sector has a aggressive upcoming that will safe countless numbers of very-experienced careers. Seizing the prospects that arise from the worldwide eco-friendly automotive revolution is central to our options to create back greener, and these successful tasks will help make the common software and adoption of slicing-edge, thoroughly clean automotive technological know-how a truth.”

Mike Charlton, REE’s COO: “REE is honored to have been picked as receiver of the British isles funding to assistance REE expense in the Uk automotive ecosystem next an considerable vetting and choice method. With the opening of our Engineering Centre in the Uk in February this 12 months, this reaffirms our determination to the location and is in line with our plans for the mass output of our breakthrough REEcorner and electrical auto platform know-how. The United kingdom is an best spot for a groundbreaking automotive business like REE many thanks to the country’s commitment to automobile electrification which dovetails with our vision of propelling a zero-emissions, greener long run for our era and those people to arrive.”

About REE Automotive
REE is an automotive technological know-how chief producing the cornerstone for tomorrow’s zero-emission automobiles. REE’s mission is to empower international mobility organizations to build any dimension or shape of electric powered or autonomous automobile – from course 1 via class 6 – for any application and any concentrate on market place. Our groundbreaking, award-successful REEcorner technological know-how packs conventional car drive components (steering, braking, suspension, powertrain and manage) into the arch of the wheel, enabling for the industry’s flattest EV platform. Unrestricted by legacy considering, REE is a truly horizontal participant, with technologies applicable to the widest array of concentrate on markets and purposes. Thoroughly scalable and absolutely modular, REE provides several consumer rewards like finish vehicle style and design flexibility, extra room and quantity with the smallest footprint, lower TCO, faster advancement situations, ADAS compatibility, lowered maintenance and world-wide security regular compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the Usa, the United kingdom and Germany, REE has a CapEx-gentle manufacturing product that leverages its Tier 1 partners’ present manufacturing lines. REE’s technological know-how, alongside one another with its one of a kind value proposition and motivation to excellence, positions REE to split new ground in e-Mobility.

For a lot more details pay a visit to: www.ree.car

Media
Keren Shemesh
Chief Advertising Officer | REE Automotive
+972-54-5814333
[email protected]

Investor Relations
Limor Gruber
VP Trader Relations | REE Automotive
+972-50-5239233
[email protected]

Warning About Forward-Hunting Statements
This interaction consists of forward-looking statements in the indicating of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historic points, could be ahead-on the lookout statements. Terms this sort of as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plan,” “projects,” “believes,” “views,” “estimates”, “future”, “allow”, “aims”, “strives” “endeavors” and similar expressions are utilised to establish these forward-searching statements. These statements include, among other matters, the Company’s statements about the Company’s strategic and enterprise programs, interactions or outlook, the effects of tendencies on and desire in its organization, intellectual property or product or service and its long run effects. These forward-searching statements are centered on REE’s expectations and beliefs about potential situations and contain hazards and uncertainties that could cause true success to differ materially from present anticipations. These variables are tough to forecast precisely and could be further than REE’s control. Forward-looking statements in this communication or in other places converse only as of the day created and REE undertakes no obligation to update its ahead-looking statements, no matter if as a end result of new details, future developments or normally, need to conditions alter, besides as or else necessary by securities and other applicable rules. In light-weight of these risks and uncertainties, traders really should keep in mind that results, functions or developments talked over in any forward-seeking statement made in this interaction may well not arise. Uncertainties and hazard components that could have an affect on REE’s long run general performance and induce results to vary from the ahead-hunting statements in this launch consist of, but are not minimal to: REE’s ability to commercialize its strategic program REE’s capability to preserve and advance interactions with latest Tier 1 suppliers and strategic associates progress of REE’s sophisticated prototypes into marketable items REE’s ability to mature and scale manufacturing capacity by way of associations with Tier 1 suppliers REE’s estimates of unit income, bills and profitability and fundamental assumptions REE’s reliance on its Uk Engineering Center of Excellence for the style, validation, verification, tests and homologation of its goods REE’s restricted operating historical past pitfalls connected with plans for REE’s initial commercial generation REE’s dependence on prospective suppliers, some of which will be solitary or confined resource advancement of the industry for commercial EVs intense levels of competition in the e-mobility area, which includes with competition who have appreciably far more resources dangers relevant to the reality that the Business is included in Israel and governed by Israeli law REE’s ability to make ongoing investments in its system the impact of the ongoing COVID-19 pandemic and any other worldwide wellness epidemics or outbreaks that could crop up the want to appeal to, train and retain very-skilled technological workforce variations in regulations and polices that effect REE REE’s ability to implement, shield and manage intellectual home legal rights REE’s potential to retain engineers and other extremely competent personnel to additional its objectives and other hazards and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Observe Regarding Ahead-Wanting Statements” in REE’s remaining prospectus relating to its business mixture filed with the U.S. Securities and Trade Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. Though the list of components reviewed higher than and the listing of factors introduced in the last prospectus are viewed as consultant, no these record should really be deemed to be a comprehensive statement of all prospective challenges and uncertainties. Unlisted aspects may perhaps present considerable further obstacles to the realization of forward-looking statements.

About the State-of-the-art Propulsion Centre
The Highly developed Propulsion Centre (APC) collaborates with Uk federal government, the automotive business and academia to accelerate the industrialisation of technologies, supporting the transition to produce internet-zero emission autos.

Considering the fact that its basis in 2013, APC has funded 170 reduced-carbon projects involving 402 partners, functioning with organizations of all sizes, and has helped to develop or safeguard above 50,000 work in the Uk. The systems made in these assignments are projected to help you save over 260 million tonnes of CO2, the equivalent of eradicating the life time emissions from 12 million autos.

With its deep sector know-how and chopping-edge information of new propulsion systems, APC’s job in creating and advising project consortia can help tasks start out much more promptly and produce greater worth. In the longer term, its get the job done to drive innovation and encourage collaboration is setting up the foundations for a productive and sustainable United kingdom automotive field.

In 2019 the United kingdom government fully commited the Automotive Transformation Fund (ATF) to speed up the enhancement of a web-zero car or truck provide chain, enabling Uk-centered makers to serve world markets. ATF investments are awarded via the APC to guidance strategically essential United kingdom capital and R&D investments that will allow companies involved in batteries, motors and drives, power electronics, fuel cells, recycling, and linked provide chains to anchor their future.

For more facts go to apcuk.co.uk or adhere to us @theapcuk on Twitter and Highly developed Propulsion Centre British isles on LinkedIn.

Next Post

Car consumers pay out as chip lack outlook dims

When Susan Dushane began browsing for a new motor vehicle a several months back again, she experienced no plan just how much she’d have to go wanting. She and her son, Mike, contacted each individual Kia dealer inside 200 miles of her house in Tampa, Florida, prior to they found […]

Subscribe US Now