EV manufacturer Rivian has closed a new investment round of $2.65 billion. The financing was led by funds and accounts advised by T. Rowe Price Associates, Inc. This round also included Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners, as well as several other existing and new investors.
The investment is Rivian’s first in 2021 and the company has now raised $8 billion since the start of 2019.
Rivian Founder and CEO RJ Scaringe, says: “This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth.”
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” adds Joe Fath, T. Rowe Price portfolio manager.
In July, 2020, Rivian announced a $2.5 billion funding round also led by T. Rowe Price Associates, Inc. In February, 2019, it announced a $700 million funding round led by Amazon’s Climate Pledge Fund.
Rivian’s launch products, the R1T and R1S, will be produced at Rivian’s manufacturing plant in Normal, Illinois, with customer deliveries expected to begin in summer 2021.