E-mobility company REE Automotive has announced that its REEcorner technology has been awarded £41.2m (US$56.3m) in joint government and industry funding as part of an investment program coordinated by the Advanced Propulsion Centre (APC).
The investment follows the UK government’s ambition to accelerate a shift toward zero-emission vehicles as it aims to decarbonize transportation networks within the country. REE’s project and three others were chosen to receive funding, and together, it is expected that the four projects could save around 32 million tons of carbon emissions.
“These projects tackle some really important challenges in the journey to net zero road transport,” commented Ian Constance, chief executive, APC. “They address range anxiety and cost, which can be a barrier to people making the switch to electric vehicles, and they also provide potential solutions to the challenge of how we decarbonize public transport and the movement of goods.
“By investing in this innovation, we’re taking these technologies closer to the point where they are commercially viable, which will strengthen the UK’s automotive supply chain, safeguard or create jobs and reduce harmful greenhouse emissions.”
The significant funding awarded to REE, which includes £12.5m (US$17m) in funding by the UK government, will be utilized to facilitate the commercial production of the company’s REEcorner technology and ultra-modular electric vehicle platforms. This will encompass everything from the engineering design, validation and verification process, to testing and product homologation.
“By investing tens of millions in the technology needed to decarbonize our roads, not only are we working hard to end our contribution to climate change, but also ensuring our automotive sector has a competitive future that will secure thousands of highly-skilled jobs,” added Lord Grimstone, minister for investment.
“Seizing the opportunities that arise from the global green automotive revolution is central to our plans to build back greener, and these winning projects will help make the widespread application and adoption of cutting-edge, clean automotive technology a reality.”