Rivian Closes $2.5B Funding Round, Plans Second U.S. Factory
Electric vehicle maker Rivian has closed a $2.5-billion private funding round, led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Company and funds and accounts advised by T. Rowe Price Associates. Completion of the funding round coincides with the Irvine, CA-based company’s announcement that it planned to build a second U.S. manufacturing facility, joining its current one in Normal, IL.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” said Rivian CEO RJ Scaringe. “This infusion of funds from trusted partners allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout.”
Reuters reported that multiple states are bidding for the second assembly plant. The Normal facility, which spans 3.3 million square feet, is expected to begin producing pickup trucks in September.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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