U.S. EV manufacturer Rivian has closed a $2.5 billion private funding round. The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates, Inc.
Since 2019, Rivian has raised $10.5 billion.
In September, 2019, Rivian announced it was developing a custom electric delivery van for Amazon utilising its skateboard platform. 100,000 of these vans have been ordered with customer deliveries starting in 2021.
Rivian has developed and vertically integrated a connected electric platform that can be applied to a range of vehicles, including the company’s adventure products as well as B2B products such as the Amazon last mile delivery vans.
Rivian CEO, RJ Scaringe, says: “As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth. This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
Dan Sundheim, Founder of D1 Capital Partners, adds: “We are excited to increase our investment in Rivian as it reaches an inflection point in its commercialization and delivers what we believe will be exceptional products for customers.”
Rivian’s launch products, the R1T and R1S, will be produced at its manufacturing plant in Normal, Illinois, with customer deliveries expected to begin in fall 2021.