Arrival, a UK-based technology company focused on commercial electric vehicles, has raised $118 million from funds managed by BlackRock. The fundraising will be used to support execution of the company’s growth plans as it ramps up vehicle production, including the launch of its first U.S. Microfactory in South Carolina.
BlackRock joins other strategic investors in the EV company including Hyundai Motor Company, Kia Motors Corporation and UPS.
The company says the new funding will support Arrival’s ‘plans to scale its Microfactory footprint in both the U.S. and Europe’.
Denis Sverdlov, Founder and CEO of Arrival, says: “This additional capital will be invested into Arrival’s growth, as we deepen and expand our presence in the U.S. 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.”
As part of its U.S. strategy, the company has announced the launch of its first U.S. Microfactory in York County, South Carolina, an investment of $46M into the region and the creation of local jobs. Arrival will begin fitting out the unit and is expected to begin operations in Q2 2021, with start of production in Q4 2021.
Arrival has previously announced that it has received an order of 10,000 electric vans from logistics company UPS, with the option for a further 10,000.
Arrival was founded in 2015 and is headquartered in the UK, with over 1,200 global employees located in offices across the U.S., Germany, Netherlands, Israel, Russia, and Luxembourg.