Rivian Closes Financing of USD 200 M

NORMAL, Ill. and PLYMOUTH, Mich., May 23, 2018 /PRNewswire/ -- Rivian, an automotive technology company has secured $200 million of debt financing from Standard Chartered Bank. This adds to the substantial financing Rivian has already secured from other investors, including from the investment arm of Abdul Latif Jameel and Sumitomo Corporation of Americas (SCOA).

Rivian is launching a ground-breaking fully electric five-passenger pick-up in 2020 followed by a seven-passenger SUV. RJ Scaringe, founder and Chief Executive Officer of Rivian, stated, "This latest financing is an important milestone for Rivian. Our launch vehicles have completed substantial development and are undergoing rigourous testing. The additional capital will enable us to ramp up towards production and bring our innovative products to the market in 2020."

Rivian is developing an integrated portfolio of electric vehicles, technologies, and services to reimagine the customer experience. Rivian's premium vehicle platform combines performance with highly refined functionality that targets active and family-oriented lifestyles. The product portfolio is based on a proprietary platform that combines utility, performance, and efficiency. 

About Standard Chartered

Standard Chartered is a leading international banking group, with more than a 150-year history in some of the world's most dynamic markets. Standard Chartered's purpose is to drive commerce and prosperity through their unique diversity, and their heritage and values are expressed in their brand promise, Here for good.  Standard Chartered is present in more than 60 markets, with over 1,000 branches and around 3,000 ATMs. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

About Rivian

With the introduction of its first vehicle in 2020, Rivian is advancing the shift to electric, autonomous and shared mobility. Rivian vehicles will incorporate the company's cloud-based digital architecture, self-driving platform and advanced battery system. The company employs around 350 people and has vehicle design and engineering operations in Plymouth, Michigan, technology and engineering operations in San Jose and Irvine, California and manufacturing facilities in Normal, Illinois. For more information visit www.rivian.com.

SOURCE Rivian