Blackrock takes stake in UK EV maker

Blackrock has invested $118m in UK commercial electric vehicle maker Arrival, valuing the company at $3bn.

The fundraising will be used to support execution of the company’s growth plans as it ramps up vehicle production, including the launch of Arrival’s first US factory in South Carolina.

Founded in 2015 Arrival uses scalable microfactories that can be placed anywhere in the world to serve the regions they are located in, reducing the costs of production and emissions of shipping, and creating competitively priced alternatives to traditional transport. Both Hyundai Motor Company and Kia Motors Corporation have invested in the company and it has been valued at $3bn – giving the company the rare ‘unicorn’ status.

“We are excited to welcome BlackRock as a strategic financial investor with its excellent track record in ESG,” said Denis Sverdlov, founder and CEO of Arrival. “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.”

    Share Story:

Recent Stories