EV startup REE Automotive is making headlines this week with three major announcements showcasing its innovative technology and strategic moves. The company’s recent collaborations and financial milestones highlight its growing presence in the electric vehicle market.
Collaboration with Airbus UpNext
REE has entered into a collaboration with Airbus UpNext, the aerospace developer’s research and technology demonstration arm. This partnership will see REE providing technological solutions, including its x-by-wire and REECorner systems, for one of Airbus UpNext’s demonstrator vehicles. While specific details remain undisclosed, this collaboration underscores REE’s cutting-edge technology and its potential applications beyond the automotive industry.
Successful Public Offering
In a bid to bolster its financial standing, REE closed a public offering of 2.3 million Class A ordinary shares, raising approximately $14.95 million. The offering, led by M&G Investment Management Limited, REE’s largest shareholder, demonstrates investor confidence in the company’s future prospects. The proceeds will be used to support product development, commercialization efforts, and general corporate purposes.
Carl Vine, Co-head of APAC Equity Investing at M&G, expressed confidence in REE, highlighting the uniqueness of its x-by-wire technology and its promising business model. He emphasized REE’s ability to deliver strong unit economics with modest capital requirements, setting it apart from other players in the industry.
Unveiling of All-Electric Demo Vehicle
As part of Work Truck Week 2024 in Indianapolis, Indiana, REE unveiled its all-electric demo vehicle, showcasing the company’s modular platform technology. The demo truck, which made its debut at a private event hosted by Knapheide, offers a glimpse into the future of commercial electric vehicles. REE’s platform technology allows for greater flexibility in vehicle design, catering to the diverse needs of commercial fleet customers.
REE’s co-founder and CEO, Daniel Barel, highlighted the platform’s modularity and its ability to accommodate various upfit options, catering to the unique needs of different fleets. The absence of traditional mechanical components in REE vehicles not only increases cabin space and cargo volume but also opens up a range of customization possibilities for commercial operators.