Israel’s REE awarded £14 million from UK government

Israeli smart mobility company REE Automotive was awarded £14 million (approximately $19 million) from the UK Government, coordinated through the Advanced Propulsion Centre (APC). The investment is part of the government’s goal to accelerate the shift to zero-emission vehicles and to decarbonize the country’s transport networks. REE was one of four companies selected who together it is estimated will save nearly 32 million tons of carbon dioxide and secure jobs across the UK.

The funding is part of a wider investment totaling £41.2m ($56.9m) and will allow REE to facilitate the mass production of its REEcorner technology and electric vehicle platforms. This will include engineering design, validation, verification and testing, and product homologation.

“REE is honored to have been selected as a recipient of the UK funding to support REE investment in the UK automotive ecosystem following an extensive vetting and selection process,” said Mike Charlton, REE’s COO. “With the opening of our Engineering Center in the UK in February this year, this reaffirms our commitment to the region and is in line with our plans for the mass production of our breakthrough REEcorner and electric vehicle platform technology.”

He continued: “The UK is an ideal location for a pioneering automotive company like REE thanks to the country’s commitment to vehicle electrification which dovetails with our vision of propelling a zero-emissions, greener future for our generation and those to come.”

REEcorner takes critical components such as steering, braking, suspension, and control, and puts them into a single module located between the chassis and the wheel. This, in turn, produces the industry’s flattest EV platforms which are designed to provide more room for passengers, cargo, and batteries.

“By investing in the technology needed to de-carbonize our automotive sector, not only are we working hard to end our contribution to climate change, but we are also ensuring our automotive sector has a competitive future that will secure thousands of highly skilled jobs,” said the UK Government’s Minister for Investment, Lord Grimstone. “We are working to build back better and greener and the winning projects announced today will help make the widespread application and adoption of cutting-edge clean technology a reality.”

Ian Constance, Chief Executive at the APC added: “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.”

REE was founded in 2011 and is headquartered in Tel Aviv, Israel, with offices in the UK, USA, and Germany. It is developing a technology that integrates motors, steering, and more driving elements into the wheel, providing a more efficient system for mobility providers and delivery companies. The APC collaborates with the UK government, the automotive industry, and academia to speed up the industrialization of technologies to deliver net-zero emission vehicles. Since its foundation in 2013, APC has funded 170 low-carbon projects.