AAA Blackrock heralds Arrival with $118m investment

Blackrock heralds Arrival with $118m investment

Arrival, the UK-headquartered electric vehicle developer that counts carmaker Hyundai and delivery services provider UPS as investors, raised $118m from funds managed by investment management firm BlackRock yesterday.

Founded in 2015, Arrival is working on smart plug-in electric buses and vans in addition to a suite of digital products such as in-car systems that generate data and enable vehicles to calculate routes in real time.

Arrival has earmarked the capital for the expansion of its manufacturing facilities, having recently committed $46m to the launch of its first scalable ‘microfactory’ in the US state of South Carolina.

The round comes after Hyundai and its Kia subsidiary invested $112m in the company in January this year at a reported $3.3bn valuation. UPS provided an undisclosed amount the same month while placing an order for 10,000 of Arrival’s customisable vans.

Denis Sverdlov, Arrival’s founder and chief executive, said: “We are excited to welcome BlackRock as a strategic financial investor with its excellent track record in [environmental and social governance].

“This additional capital will be invested into Arrival’s growth, as we deepen and expand our presence in the US and other new markets globally. With our new microfactory in South Carolina, we are looking forward to partnering with more cities and companies to create a sustainable future.”

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

Leave a comment

Your email address will not be published. Required fields are marked *