REE Automotive is a developer of electric platforms for automobiles. The Israeli company is looking to hold an IPO in 2021 with a special purpose acquisition company. According to Calcalist, REE Automotive expects to gain a valuation somewhere between $3-4 billion.
An anonymous source cited by Calcalist said that negations for the IPO have been underway for several months. The company hoped to go public this year, but has put off its IPO to next January.
According to Investopedia, a special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company. Also known as “blank check companies,” SPACs have been around for decades. In recent years, they’ve become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019.
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The advantage in using a SPAC is that it can offer a faster IPO and gives the owners of the company going public a higher percentage of its sale price.
REE Automotive describes itself as an electric platform leader which is reinventing e-mobility. REE boasts that it has developed the next generation EV platform which is completely flat, scalable and modular, providing customers “full design freedom to create the broadest range of EV and autonomous vehicles for current and future applications, including last mile delivery, MaaS, light to medium duty EV logistics and robo taxis.”
REE has developed two core innovations. Its REEcorner integrates all traditional vehicle components (steering, braking, suspension, e-motor) into the arch of the wheel. The REEcorner integrates all drive components into the arch of the wheel. Each corner is completely independent and powered by the company’s REEboard ECU which controls its advanced x-by-wire technology.
Your safety is our top priority! REE’s EVs provide multiple layers of redundancy for utmost safety and security: https://t.co/CTt6gm91Ab#EV #EVplatform #ElectricVehicles #autonomouvehicles #smartmobility #emobility pic.twitter.com/M5j6CuOYIi
— REE (@ReeAutoOfficial) December 28, 2020
The company says that the REEcorner drives maintenance costs down by constantly monitoring potential failures through our proprietary preventative maintenance AI and once a fix is needed an OTA update can be sent out, or if needed it takes minutes to replace the entire REEcorner with a new one.
Its REEboard is a completely flat, scalable and modular platform which REE boasts enables “limitless body configurations with complete design freedom and greater efficiency of space at a fraction of the cost.”
Since the REEboard does not store any drive components it can be designed to take any shape making it the ultimate mission specific vehicle. Powered REE’s REEcorner technology, the REEboard provides more volume on a smaller footprint to carry more batteries within the chassis.