Funding will allow REE to advance commercial production of its breakthrough REEcorner™ technology and ultra-modular EV platforms
Tel-Aviv, Israel – 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 economic 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.
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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.”