REE Automotive awarded £12.5 million funding from UK Government to develop REEcorner electric vehicle (EV) technology
The investment will be part of a project that could save nearly 32 million tonnes of carbon emissions
REE Automotive Limited, who are an innovator in emobility and recently started to trade on Nasdaq, have announced that its REEcorner technology was awarded £12.5 million GBP funding from the UK government. This is part of a £41.2 million GBP investment, coordinated through the Advanced Propulsion Centre (APC).
The award funding follows an intensive vetting and selection process from which REE’s project and three other transformational projects were selected. Together, the four projects could save nearly 32 million tonnes 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 REEcorner technology and ultra-modular electric vehicle platforms.
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 completely flat electric vehicle (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.
Lord Grimstone, minister for investment, said: “By investing tens of millions in the technology needed to decarbonise our roads, not only are we working hard to end our contribution to climate change, but also ensuring our 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.”
Mike Charlton, REE’s COO, said: “With the opening of our Engineering Centre in the UK in February this year, this reaffirms our commitment to the region. This is in line with our plans for the mass production of our breakthrough 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.”