REE Automotive announced that it received £ 12.5 million funding from the UK government as part of a £ 41.2 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-carbonise the country's transport networks.
The funds will allow REE to facilitate commercial production of its REEcorner technology and ultra-modular electric vehicle platforms, including engineering design, validation, verification and testing and product homologation.
Ian Constance, Chief Executive, APC, said, '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.'
Mike Charlton, COO, REE, said, 'With the opening of our Engineering Centre in the UK in February, 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. 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.'