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REE Automotive Awarded $17 USD Million Funding from the UK Government
Funding will allow REE to advance commercial production of its breakthrough REEcorner™ technology and ultra-modular EV platformsProject to help accelerate
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[{"type":"text","content":"Funding will allow REE to advance commercial production of its breakthrough REEcorner™ technology and ultra-modular EV platformsProject to help accelerate industry shift towards net zero-emissions with REE’s technology designed to support extensive range of electric vehicles TEL AVIV, Israel, Aug. 19, 2021 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (NASDAQ: “REE”), an innovator in e-mobility which recently started to trade on Nasdaq, today announced that its REEcorner™ technology was awarded $17 million USD funding from the UK government as part of a $57 USD 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-carbonize the UK’s transport networks. The award funding follows an intensive vetting and selection process from which REE’s project and three other transformational projects were selected amongst dozens of companies. Together, the 4 projects could save nearly 32m tons of carbon emissions, which is equivalent to the lifetime tailpipe emissions of 1.3m cars. The investment will help drive energy-saving technology across a wide range of vehicles and propel forward a green economy recovery. 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. 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. Ian Constance, Chief Executive at the APC said: “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 t...