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Rivian secures $827M funding for Illinois facility

Rivian secures $827M funding for Illinois facility
Rivian secures $827M funding for Illinois facility

Rivian Automotive, Inc. (NASDAQ: RIVN) revealed it has secured an $827 million incentive package from the Illinois department of commerce & economic opportunity. This substantial investment will support Rivian’s expansion at its Illinois plant situated in Normal. 

The funds will facilitate the plant’s enlargement, enhance public infrastructure, and bolster workforce training programs as the company gears up for production of its mid-sized SUV, the R2. 

The company’s founder and CEO RJ Scaringe says the support from the state will allow the business to bring its midsize SUV, R2, to market and provide even greater consumer choice for electric vehicles. 

Rivian’s electric vehicle solution 

Rivian is a US automotive manufacturer, specializing in creating ground-breaking electric vehicles (EVs) and accessories. Their innovative, technologically advanced products are crafted to excel in both work and recreation, all while aiming to accelerate the global shift toward zero-emission transportation and energy. 

In announcing the funding for Rivian, Governor JB Pritzker says: “Together, we’re taking a tremendous step forward – for our electric vehicle ecosystem, for our economy, and for our state. Each and every dollar invested in this market is a win for the working people of Illinois and brings us a step closer to meeting our ambitious climate goals.” 

ALSO READ: Tesla layoff u-turn: Musk considers rehiring supercharger team

Electric vehicles around the world 

Companies around the world are making the big switch to EVs as they are becoming more environmentally conscious. 

Why is this important? EVs help reduce the carbon footprint, aligning with global goals to combat climate change. This reduction is crucial for companies committed to sustainable practices.

There’s another upside to EVs. Improvements in battery technology have increased EV ranges and reduced charging times. Charging infrastructure is also expanding, reducing range anxiety and enabling longer trips.

Last month Rivian gave the world a glimpse into a new EV charger when it showcased a prototype of its new, in-house charger, designed to charge nearly every EV available. 

The new charger is taller and equipped with a longer cable, designed to adapt to various vehicle charging port placements. It provides rapid charging for both 400-volt and 800-volt battery packs. 

NOW READ: From EVs to AI: Takeaways and triumphs from SXSW 2024

Photo Credit: Rivian (Facebook)

About the author

Sharl is a qualified journalist. He has over 10 years’ experience in the media industry, including positions as an editor of a magazine and Business Editor of a daily newspaper. Sharl also has experience in logistics specifically operations, where he worked with global food aid organisations distributing food into Africa. Sharl enjoys writing business stories and human interest pieces.

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