T. Rowe Worth leads $2.5 billion funding spherical into Rivian
Rivian R1T electrical truck
Electrical automobile startup Rivian on Friday mentioned it closed a $2.5 billion funding spherical led by funds and accounts suggested by T. Rowe Price Associates as the corporate moves closer to production of an all-electric pickup and SUV.
Different members within the spherical included Soros Fund Administration, Coatue, Constancy Administration and Analysis Firm in addition to Baron Capital Group. Current shareholders Amazon and funds managed by BlackRock additionally participated.
The funding comes as the corporate continues to renovate a former Mitsubishi plant in Regular, Illinois, to provide its automobiles in addition to a line of EV vans. Amazon preordered 100,000 of the vans final yr for its supply fleet.
In June, CNBC obtained correspondence concerning a funding spherical for Rivian, saying the corporate was elevating not less than $2 billion with a pre-money valuation at or above $eight billion. On the time, Rivian denied they have been elevating cash.
“We regularly obtain unsolicited funding gives…