REE has developed fully-flat, modular, EV platforms, based on its proprietary REEcorner technology, which are likely to become the cornerstones of next-generation e-Mobility. The company is also producing highly modular, mission-specific EV platforms with a low total cost of ownership with fully autonomous-ready independent drive-by-wire, brake-by-wire and steer-by-wire technology for each wheel.
The transaction is expected to provide more than $500 million of gross proceeds to the Company. This includes funds from a fully committed $300 million PIPE with participation from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International. As a result of outsized demand, the PIPE offering was meaningfully oversubscribed and upsized.
REE is targeting a $700 billion total addressable market, encompassing EVs ranging in size from Class 1 through Class 6, for commercial and Mobility-as-a-Service (‘MaaS’) applications. It currently has an order book consisting of signed indications of interest for over 250,000 platforms, representing 27 percent of their total cumulative expected revenue of $19.1 billion by 2026.
The company has developed a global CapEx-light manufacturing model, utilising low-cost integration centres to reduce the total cost and capital expenditure of manufacturing. This new transaction will accelerate mass production of REEcorner technology and modular EV platforms, expected to begin in 2023.
“We believe that our technology will become the cornerstone for our customers to create better and greener e-Mobility services that will be the backbone of our society” said Daniel Barel, REE Automotive Co-Founder and Chief Executive Officer. “Being the only truly horizontal player in the market today positions us to play a major role in accelerating electrification of mission-specific vehicles in multiple sectors such as delivery fleets, Mobility-as-a-Service, e-commerce retailers and new mobility players. There is no limit to who we can serve, as REE is unbound in its capabilities and opportunities. We are truly excited to be partnering with Hans Thomas and the 10X Capital leadership team as we begin our next chapter as a publicly listed company in our journey towards a better, cleaner and more sustainable e-Mobility future.”
For additional information:
