REE Automotive Awarded $17M In Funding From The UK Government

Israeli e-mobility company REE Automotive announced on Thursday that its REEcorner technology was awarded $17 million from the UK government as part of a $57 million investment coordinated through the Advanced Propulsion Center (APC.)

The investment “is in line with the UK government’s ambition to accelerate the shift to zero-emission vehicles and decarbonize the UK’s transport network,” the company said in a statement.

REE emerged from stealth mode in July 2019 after six years in development to introduce its unprecedented approach to vehicles specifically for the electric vehicle (EV) market. The company developed an entirely flat and modular platform in which the motor, steering, suspension, drivetrain, sensing, brakes, thermal systems, and electronics are all integrated into the vehicle’s wheels.

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.

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.

“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,” said Mike Charlton, chief operating officer of REE.

In February, REE Automotive announced a merger with 10X Capital Venture Acquisition Corp. to go public on the NASDAQ. In April, the company signed a collaboration agreement with Canadian mobility tech firm Magna International to roll out full-fledged Modular Electric Vehicles (MEVs) for tech companies and new electric mobility players under the ‘Powered by REE’ brand. Magna makes cars for Mercedes-Benz, BMW, Jaguar, and other automotive brands.

“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,” Ian Constance, chief executive at the APC said.