Arrival Ltd is a London-based technology company with a mission to make electric vehicles mainstream to drive the adoption of electric vehicles. sustainable technologiesi.e. commercial electric vehicles.
This company is reinventing the automotive industry with its completely new approach to electric vehicle design and assembly. The company's new method uses low CapEx, rapidly scalable microfactories that can be located anywhere in the world to serve the regions in which they are located.
These microfactories, combined with proprietary, in-house developed components, materials and software, enable the production of best in class vehicles that are competitively priced to fossil fuel variants. This transformative approach reduces production costs and shipping emissions, and requires no massive upfront investment, creating robust unit economics for Arrival's entire product portfolio, including its electric van and bus announced earlier this year.
Arrival has announced a fundraising of $118 million in funds under management by BlackRocka US investment management firm headquartered in New York. BlackRock invests in equity, fixed income, cash management, alternative investments and real estate strategies. It provides risk management services, strategic advice and proprietary investment systems to a broad client base with portfolios totalling $8 billion.
The objective of the funding round is to raise funds, which will be used to support the execution of the company's growth plans as it ramps up vehicle production, including the launch of Arrival's first US micro-factory in South Carolina.