Israel-based e-mobility company REE Automotive announced that its REEcorner technology had secured $17 million in funding from the United Kingdom government as part of a $57 million investment coordinated through the Advanced Propulsion Center.
The REEcorner technology packs vehicle components like steering, braking, suspension, power strain, and control into a single compact module located between chassis and wheel to provide fully flat electric vehicle (EV) platforms. These EV platforms enhanced payload capacity by providing extra space for carrying passengers, cargo, batteries and enhanced body design flexibility and autonomous capability.
The company said the funding aligns with the U.K. government’s ambition to accelerate the shift towards zero-emission vehicles and decarbonization of the U.K.’s transport network. The award funding followed a selection process from which REE’s project and three other projects were selected to help drive energy-saving technology across a wide range of vehicles.
The funding will be utilized to facilitate commercial production of its REEcorner technology and ultra-modular electric vehicle platforms, including engineering, design, validation, verification, testing, and product homologation.
Mike Charlton, Chief Operating Officer of REE, said, “REE is honored to have been selected as the recipient of the U.K. funding to support REE investment in the U.K. automotive ecosystem following an extensive vetting and selection process. With the opening of our Engineering Center in the U.K. in February 2021, this reaffirms our commitment to the region and is in line with our plans for the mass production of our REEcorner and electric vehicle platform technology.”
In February 2021, REE Automotive signed a merger agreement for a business combination with 10X Capital Venture Acquisition Corporation, a special purpose vehicle company, resulting in REE becoming a public company.
Ian Constance, Chief Executive at Advanced Propulsion Center, said, “These projects address range anxiety and cost, which can be a barrier to people making the switch to electric vehicles. By investing in this innovation, we are taking these technologies closer to the point where they are commercially viable, which will strengthen the U.K.’s automotive supply chain, safeguard or create jobs and reduce greenhouse emissions.”
According to Mercom’s 1H and Q2 Funding and M&A Report for Storage, Grid, and Efficiency, in the first half of 2021, smart grid companies raised $463 million in VC funding, a 68% increase compared to $275 million raised in the same period last year.