Electric-truck maker Rivian raises $124 million in equity financing

Electric-truck maker Rivian announced it will temporarily close its headquarters in Plymouth Meeting, Pennsylvania, ahead of an expected IPO later this year. Rivian also announced during the first week of April that it has…

Electric-truck maker Rivian raises $124 million in equity financing

Electric-truck maker Rivian announced it will temporarily close its headquarters in Plymouth Meeting, Pennsylvania, ahead of an expected IPO later this year. Rivian also announced during the first week of April that it has raised an additional $124 million in equity financing from top investors, which comes on top of its earlier $150 million round of fundraising.

Among those high-profile investors are Alphabet’s venture capital arm GV, new Ranger Ventures and existing investor General Catalyst Partners. Investors pour money into Rivian as it’s pursuing a lineup of electric trucks that it says will be capable of hauling up to 600,000 pounds. Other names in the various automotive electric-truck-making lineups include Tesla, Longoq, and Zap, to name a few. Rivian is currently only building its commercial vehicles, but says it will begin building its production truck early next year, priced at $80,000. Rivian says it is on schedule to begin delivery of these vehicles to customers in 2021.

Last year, Rivian received a $164 million grant from the U.S. Department of Energy to support its $850 million electric truck program, which also includes a partnership with General Motors on its electric van.

Rivian was founded by Marc Lustig and Chris Pappas in 2011 and has since begun working on several different lines of electric vehicles. For instance, the company also makes a battery-powered sedan that it claims has 30 miles of range per charge, which is good for a top speed of 155 mph. Rivian is also working on a three-wheeled electric scooter, which Lustig told me recently we can expect to see sometime next year.

Follow Mark Evans on Twitter: @citizentwp.

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