Summary List Placement
BlackRock has invested $118 million into British electric-powered vehicle startup Arrival, expanding its push into sustainable transport technology.
The investment values Arrival at about 3 billion euros ($3.5 billion), according to the Wall Street Journal.
Arrival makes electric-powered city buses and commercial vans, and claims its vehicles can travel up to 300 miles without recharging.
BlackRock joins the startup’s other existing investors — auto manufacturers Hyundai Motor Company and Kia Motors Corporation, and logistics firm UPS.
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UK-based electric bus and van maker Arrival has received a $118 million investment from global asset manager BlackRock, the company announced on Wednesday.
The new investment values Arrival at about 3 billion euros ($3.5 billion), the Wall Street Journal reported, citing a source.
BlackRock, with about $7 trillion in assets under management, has already made inroads into the green transport sector. Last year, it contributed towards a $1.3 billion investment into Tesla rival Rivian, whose R1T truck is expected to go on sale in 2021.
London-based Arrival manufactures electric-powered city buses and commercial vans, and says on its website that its vehicles can travel up to 300 miles without recharging.
Blackrock joins the British startup’s existing investors — …read more
Source:: Businessinsider – Finance