Connect with us

Hi, what are you looking for?

Jewish Business News

Israeli Autotech Startup REE Plans Merger With 10X Capital SPAC

Daniel Barel REE Co-Founder and CEO
Daniel Barel REE Co-Founder and CEO

Israeli developer of a modular platform for electric vehicles REE, will go public in the US through a merger with a special purpose acquisition company (SPAC) a “blank check” shell company 10X Capital Venture Acquisition Corp.

The deal gives the combined entity a value of about $3.6 billion after a transaction which includes $300 million private investment in public equity, or PIPE, according to a report by Bloomberg News. REE’s existing investors will own more than 80% of the combined company.

10X Capital shares soared about 50% after the announcement.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Tel Aviv-based REE (former name SoftWheel), co-founded by Daniel Barel and Ahishay Sardes describes itself as reinventing the e-mobility.

REE has developed the next-generation EV platform which is completely flat, scalable, and modular. It 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.

The company says its platform can be used for battery or fuel cell-powered vehicles.

https://jewishbusinessnews.com/2020/12/30/israels-ree-automotive-is-looking-at-3-4-billion-ipo/

REE will supply crucial parts to the electric vehicles industry that don’t have the full components in-house. This way automakers can bring their models to market quicker and at a fraction of the cost, Barel told Bloomberg.

In the past few months, REE has announced cooperation agreements with Mitsubishi, Mahindra, and other auto industry companies. It alsomoving forward for serial production of its platform.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...