REE’s Daniel Barel Co-founder and CEO (company PR pic)
REE Automotive is an Israeli company that develops new tech for electric vehicles. REE priced a $35 million registered direct offering, led by M&G Investment, REE’s largest shareholder, who invested $20 million; Motherson, who invested $15 million in the round; and Varana Capital, one of REE’s earliest investors; who invested $5.25 million.
Motherson will oversee supply chain management, leveraging manufacturing capabilities for components, module integration, REEcorners, and platform assembly to support full vehicle production, including U.S. assembly of P7 electric trucks.
REE, partnering with Motherson, aims to accelerate the production of its software-driven medium-duty electric trucks to meet soaring demand. Leveraging Motherson’s global footprint, manufacturing expertise, and industry connections, REE seeks to expedite the transition to electric fleets.
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REE is poised to capture a significant share of the growing electric truck market. The company estimates that over 240,000 medium-duty trucks in the U.S. alone will transition to electric, with global demand expected to double that figure.
By collaborating with Motherson, REE can concentrate on expanding its customer base, securing more orders, improving financial performance, and strengthening its intellectual property position.
REE Automotive Ltd is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. REE is a fully horizontal company, with technology adaptable to the broadest possible variety of target industries and applications. REE’s fully scalable and modular architecture enables vehicle design freedom, space and volume with the shortest footprint, the cheaper total cost of ownership, faster development periods, ADAS compatibility, reduced maintenance, and compliance with worldwide safety standards.
REE Co-founder and CEO, Daniel Barel said, “We are very excited to enter into this agreement with Motherson, as I believe this agreement will enable us to leapfrog over many of the challenges others face when ramping up production. Motherson’s global footprint and manufacturing prowess combines perfectly with REE’s technology and innovation mindset. This combination will benefit our customers and investors alike, by pushing forward the transition towards electrification and carbon neutrality. We are proud to join forces with Motherson and looking forward to learning from their incredible story and amazing culture.”
