Amazon-backed electrical vehicle startup Rivian has raised another $2.65 billion, reinforcing its position as one of the most well-funded EV start-ups in the world.
The investment round was led by T. Rowe Price and included Amazon’s Climate Pledge Fund, Fidelity Management and Research Study Business, and investment firms Coatue and D1 Capital Partners, along with “a number of other existing and brand-new investors,” according to the start-up.
The new cash gets here a simple 6 months after Rivian raised $2.5 billion, and about a year after it raised $1.3 billion. It has now raised more than $8 billion to date.
It’s difficult to state exactly how much Rivian has in the bank, offered that it has spent a lot already to work with an enormous team while also developing at least three lorries that we know of. After this brand-new financing round, the EV start-up’s war chest most likely rivals that of China’s Nio, which likewise has billions of dollars in the bank following a number of recent raises.
That money will be vital as Rivian prepares yourself to release its first two electrical lorries later this year, the R1T pickup and the R1S SUV. Rivian is also dealing with Amazon on developing and deploying an electrical shipment van, which recently was spotted in the wild.
Whats notable about Rivian’s ability to keep raising such massive sums of cash is that the startup is doing it while keeping the business personal. There has actually been an incredible rush of new financing into the electric car space over the in 2015, inspired in large part thanks to Tesla. But much of it has come through so-called SPAC (special purpose acquisition) mergers, where publicly-traded however mainly dormant mutual fund have soaked up business like Canoo and Fisker.
Rivian is also backed by BlackRock, Soros Fund Management LLC, and Ford, though the Detroit automaker has not been called in the previous two funding rounds. Rivian is working on an electrical lorry with Ford’s luxury marque, Lincoln, though an SUV partnership was currently shelved in 2015.