REE Automotive awarded £12.5 million funding from the UK Government

REE Automotive Ltd has announced that its REEcorner technology has been awarded £12.5 million funding from the UK government as part of a £41.2 million investment, coordinated through the Advanced Propulsion Centre (APC).
REE Automotive awarded £12.5 million funding from the UK Government
Courtesy of REE

The investment is in line with the UK government’s ambition to accelerate the shift to zero-emission vehicles and de-carbonise 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 32 million tons of carbon emissions, which is equivalent to the lifetime tailpipe emissions of 1.3 million 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.

“These projects tackle some really important challenges in the journey to net-zero road transport” said Ian Constance, Chief Executive at the APC. “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.”

Minister for Investment Lord Grimstone added that by investing tens of millions in the technology needed to decarbonise Britain’s roads, not only is the government working hard to end the UK’s contribution to climate change, but also ensuring that the UK automotive sector has a competitive future that will secure thousands of highly-skilled jobs.

“Seizing the opportunities that arise from the global green automotive revolution is central to our plans to build back greener, and these winning projects will help make the widespread application and adoption of cutting-edge, clean automotive technology a reality” Lord Grimstone said.

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