Minnesota-headquartered electric truck maker Rivian closed a $2.65 billion investment round led by funds and accounts advised by T. Rowe Price, with participation from Fidelity Management and Research, Amazon’s Climate Pledge Fund, Coatue, D1 Capital Partners, and other existing and new investors.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles. The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth,” Rivian CEO and Founder RJ Scaringe said in a Tuesday (Jan. 19) press release.
The startup will offer electric pickup trucks and SUVs with off-road capabilities. The company is also developing 100,000 custom electric delivery vans for Amazon using Rivian’s skateboard platform.
Backed by Amazon and Ford, the company will manufacture its first vehicles — the pickup R1T and the SUV R1S — in its Normal, Illinois factory. Deliveries of the new vehicles to customers are anticipated this summer.
Rivian has raised a total of $8 billion since the start of 2019, the company said. Other funding rounds included $2.5 billion in July, led by T. Rowe Price; $700 million led by Amazon in February 2019; $500 million by Ford in April; and others.
“We have been eagerly anticipating the arrival of 2021, and with it, the exhilaration of Rivian starting to deliver its revolutionary products to customers. It is invigorating for us to continue our journey with such a talented, mission-driven team building a robust organization for the long term,” said Joe Fath, T. Rowe Price portfolio manager.
This latest round of funds could give Rivian a valuation of $25 billion. The company’s first batch of pickups are sold out and delivery is expected to start in June. The company could end up being the first company to launch a battery-powered electric pickup in the U.S.