REE Automotive Ltd. (NASDAQ: “REE”), an innovator in e-mobility
which recently started to trade on Nasdaq, today announced that its
REEcorner™ technology was awarded $17 million USD funding from the
UK government as part of a $57 USD million investment, coordinated
through the Advanced Propulsion Centre (APC). The investment is in
line with the UK government’s ambition to accelerate the shift to
zero-emission vehicles and de-carbonize the UK’s transport
networks. The award funding follows an intensive vetting and
selection process from which REE’s project and three other
transformational projects were selected amongst dozens of
companies. Together, the 4 projects could save nearly 32m tons of
carbon emissions, which is equivalent to the lifetime tailpipe
emissions of 1.3m cars. The investment will help drive
energy-saving technology across a wide range of vehicles and propel
forward a green economy recovery.
The UK funds will allow REE to facilitate commercial production
of its breakthrough REEcorner™ technology and ultra-modular
electric vehicle platforms, including engineering design,
validation, verification and testing and product homologation.
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 to offer enhanced payload capacity by
providing more room for carrying passengers, cargo and batteries
and enhanced body design flexibility and autonomous capability.
Ian Constance, Chief Executive at the APC said: “These projects
tackle some really important challenges in the journey to net-zero
road transport. They address range anxiety and cost, which can be a
barrier to people making the switch to electric vehicles and they
also provide potential solutions to the challenge of how we
decarbonize public transport and the movement of goods. By
investing in this innovation, we’re taking these technologies
closer to the point where they are commercially viable, which will
strengthen the UK’s automotive supply chain, safeguard or create
jobs and reduce harmful greenhouse emissions.”
Minister for Investment Lord Grimstone said: “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.”
Mike Charlton, REE’s COO: “REE is honored to have been selected
as recipient of the UK funding to support REE investment in the UK
automotive ecosystem following an extensive vetting and selection
process. 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.”
About REE AutomotiveREE is an
automotive technology leader creating the cornerstone for
tomorrow's zero-emission vehicles. REE’s mission is 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. Our revolutionary, award-winning
REEcorner technology packs traditional vehicle drive components
(steering, braking, suspension, powertrain and control) into the
arch of the wheel, allowing for the industry's flattest EV
platform. Unrestricted by legacy thinking, REE is a truly
horizontal player, with technology applicable to the widest range
of target markets and applications. Fully scalable and completely
modular, REE 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 USA, the UK and Germany, REE has a CapEx-light
manufacturing model that leverages its Tier 1 partners’ existing
production lines. REE’s technology, together with its unique value
proposition and commitment to excellence, positions REE to break
new ground in e-Mobility.
For more information visit: www.ree.auto
Media Keren ShemeshChief Marketing Officer |
REE Automotive+972-54-5814333media@ree.autoInvestor
RelationsLimor GruberVP Investor Relations | REE
Automotive+972-50-5239233investors@ree.auto
Caution About Forward-Looking
StatementsThis communication includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. Words such as
“may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plan,” “projects,” “believes,” “views,” “estimates”,
“future”, “allow”, “aims”, “strives” “endeavors” and similar
expressions are used to identify these forward-looking statements.
These statements include, among other things, the Company’s
statements about the Company’s strategic and business plans,
relationships or outlook, the impact of trends on and interest in
its business, intellectual property or product and its future
results. These forward-looking statements are based on REE’s
expectations and beliefs concerning future events and involve risks
and uncertainties that may cause actual results to differ
materially from current expectations. These factors are difficult
to predict accurately and may be beyond REE’s control.
Forward-looking statements in this communication or elsewhere speak
only as of the date made and REE undertakes no obligation to update
its forward-looking statements, whether as a result of new
information, future developments or otherwise, should circumstances
change, except as otherwise required by securities and other
applicable laws. In light of these risks and uncertainties,
investors should keep in mind that results, events or developments
discussed in any forward-looking statement made in this
communication may not occur. Uncertainties and risk factors that
could affect REE’s future performance and cause results to differ
from the forward-looking statements in this release include, but
are not limited to: REE’s ability to commercialize its strategic
plan; REE’s ability to maintain and advance relationships with
current Tier 1 suppliers and strategic partners; development of
REE’s advanced prototypes into marketable products; REE’s ability
to grow and scale manufacturing capacity through relationships with
Tier 1 suppliers; REE’s estimates of unit sales, expenses and
profitability and underlying assumptions; REE’s reliance on its UK
Engineering Center of Excellence for the design, validation,
verification, testing and homologation of its products; REE’s
limited operating history; risks associated with plans for REE’s
initial commercial production; REE’s dependence on potential
suppliers, some of which will be single or limited source;
development of the market for commercial EVs; intense competition
in the e-mobility space, including with competitors who have
significantly more resources; risks related to the fact that the
Company is incorporated in Israel and governed by Israeli law;
REE’s ability to make continued investments in its platform; the
impact of the ongoing COVID-19 pandemic and any other worldwide
health epidemics or outbreaks that may arise; the need to attract,
train and retain highly-skilled technical workforce; changes in
laws and regulations that impact REE; REE’s ability to enforce,
protect and maintain intellectual property rights; REE’s ability to
retain engineers and other highly qualified employees to further
its goals; and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s final prospectus relating to
its business combination filed with the U.S. Securities and
Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent
filings with the SEC. While the list of factors discussed above and
the list of factors presented in the final prospectus are
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements.
About the Advanced Propulsion CentreThe
Advanced Propulsion Centre (APC) collaborates with UK government,
the automotive industry and academia to accelerate the
industrialisation of technologies, supporting the transition to
deliver net-zero emission vehicles.
Since its foundation in 2013, APC has funded 170 low-carbon
projects involving 402 partners, working with companies of all
sizes, and has helped to create or safeguard over 50,000 jobs in
the UK. The technologies developed in these projects are projected
to save over 260 million tonnes of CO2, the equivalent of removing
the lifetime emissions from 12 million cars.
With its deep sector expertise and cutting-edge knowledge of new
propulsion technologies, APC’s role in building and advising
project consortia helps projects start more quickly and deliver
increased value. In the longer term, its work to drive innovation
and encourage collaboration is building the foundations for a
successful and sustainable UK automotive industry.
In 2019 the UK government committed the Automotive
Transformation Fund (ATF) to accelerate the development of a
net-zero vehicle supply chain, enabling UK-based manufacturers to
serve global markets. ATF investments are awarded through the APC
to support strategically important UK capital and R&D
investments that will enable companies involved in batteries,
motors and drives, power electronics, fuel cells, recycling, and
associated supply chains to anchor their future.
For more information go to apcuk.co.uk or follow us @theapcuk on
Twitter and Advanced Propulsion Centre UK on LinkedIn.
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