UK commercial electric bus and van manufacturer Arrival has announced it has raised $118 million (£91m) from funds managed by BlackRock.
The investment will support Arrival’s growth plans as it ramps up vehicle production as well as its launch of its first US Microfactory in South Carolina, that allows it to build small production facilities close to its customers.
Arrival says it uses a new method for the design and assembly of EVs called Low CapEx – which are rapidly scalable Microfactories that reduce the costs of production and emissions of shipping and do not require massive upfront investment.
These Microfactories, combined with in-house developed components, materials and software, enable the production of vehicles, including electric vans and buses.
Denis Sverdlov, Founder and CEO of Arrival said: “We are excited to welcome BlackRock as a strategic financial investor with its excellent track record in ESG. This additional capital will be invested into Arrival’s growth, as we deepen and expand our presence in the US and other new markets globally.
“With our new Microfactory in South Carolina, we are looking forward to partnering with more cities and companies to create a sustainable future.”
Arrival has received an order of 10,000 electric vans from logistics company UPS, with the option for a further 10,000 vehicles.