UK-based e-mobility startup REE Automotive Ltd announced that its REEcorner technology was awarded £12.5M (€14.5M) funding by the UK government as part of a £41.2M (€48.1M) investment. According to the company, this investment is in line with the UK government’s ambition to accelerate shifting to zero-emission vehicles and de-carbonising UK’s transport networks. Fund Utilisation After the funding,
UK-based e-mobility startup REE Automotive Ltd announced that its REEcorner technology was awarded £12.5M (€14.5M) funding by the UK government as part of a £41.2M (€48.1M) investment.
According to the company, this investment is in line with the UK government’s ambition to accelerate shifting to zero-emission vehicles and de-carbonising UK’s transport networks.
After the funding, the vetting and selection process started and as a result, REE’s project and three other projects were selected which could save nearly 32M tons of carbon emissions – equivalent to the lifetime tailpipe emissions of 1.3M cars.
As per REE Automotive Ltd, this investment will help drive energy-saving technology across a wide range of vehicles and propel forward a green economy recovery.
In addition to that, the company will help in facilitating commercial production of its REEcorner technology and ultra-modular electric vehicle platforms, including engineering design, validation, verification and testing, and product homologation.
Mike Charlton, REE’s COO says, “With the opening of our Engineering Center in the UK in February this year, this reaffirms our commitment to the region and is in line with our plans for the mass production of our breakthrough REEcorner and electric vehicle platform technology. The UK is an ideal location for a pioneering automotive company like REE thanks to the country’s commitment to vehicle electrification which dovetails with our vision of propelling a zero-emissions, greener future for our generation and those to come.”
REEcorner technology packs critical vehicle components (e.g. steering, braking, suspension, powertrain and control) into a single compact module located between the chassis and the wheel, thus enabling fully-flat EV platforms. REE’s ultra-modular EV platforms are designed in a way that offers payload capacity by giving more room for carrying passengers, cargo and batteries, and better body design flexibility and autonomous capability.
On investing in the company, Minister for Investment Lord Grimstone says, “By investing tens of millions in the technology needed to decarbonize our roads, not only are we working hard to end our contribution to climate change, but also ensuring our automotive sector has a competitive future that will secure thousands of highly-skilled jobs. Seizing the opportunities that arise from the global green automotive revolution is central to our plans to build back greener, and these winning projects will help make the widespread application and adoption of cutting-edge, clean automotive technology a reality.”
About REE Automotive
REE helps in creating zero-emission vehicles with its advanced technology. The company claims that it has a mission to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. The company offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.
Headquartered in Tel Aviv, Israel, with subsidiaries in the US, the UK and Germany, REE comes with a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines.