- Funding will allow REE to advance commercial production of its
breakthrough REEcorner™ technology and ultra-modular EV
platforms
- Project to help accelerate industry shift towards net
zero-emissions with REE's ultra-modular EV platforms &
REEcorners™ designed to support extensive range of electric
vehicles
TEL-AVIV, Israel, Aug. 19, 2021 /PRNewswire/ -- 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 £12.5 million GBP funding from the UK government as part of
a £41.2 million GBP 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 Automotive
REE 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
Caution About Forward-Looking Statements
This 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 Centre
The 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.
Photo -
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