Rivian Automotive Inc
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Consumer Discretionary : Automobiles |
Company profile

Rivian Automotive, Inc. is a manufacturer of electric vehicles (EV). The Company is engaged in designing, developing, and manufacturing EVs and accessories. It sells vehicles directly to customers in the consumer and commercial markets. Its offerings include R1T, a two-row, five-passenger pickup truck, as well as the R1S, a three-row, seven-passenger sport utility vehicle (SUV). The R1 technology systems include vehicle electronics, battery, electric drive, chassis, Driver+, its advanced driver assistance system (ADAS), and digital user experience management. It also offers a portfolio of vehicle accessories, including all-weather floormats, camp kitchen, three-person rooftop tent, at-home Rivian wall charger, and others. It also offers FleetOS, a centralized fleet management subscription platform. In the commercial market, it offers Rivian Commercial Vehicle (RCV) platform. Through its RCV platform, it designed and engineered Electric Delivery Van (EDV) in collaboration with Amazon.

Closing Price
$19.83
Day's Change
1.52 (8.30%)
Bid
--
Ask
--
B/A Size
--
Day's High
21.44
Day's Low
18.14
Volume
(Heavy Day)
Volume:
73,907,060

10-day average volume:
33,636,459
73,907,060

Rivian Inks Wind Energy Deal with Apex Clean Energy to Power Illinois Manufacturing

11:00 am ET December 5, 2022 (BusinessWire) Print

Rivian and Apex Clean Energy today announced the signing of a power purchase agreement (PPA) for 50 megawatts (MW) of electricity from the renewable energy company's proposed Goose Creek Wind farm in Piatt County, Illinois. As Rivian's first large-scale procurement, the agreement supports the company's long-term vision of enabling high-impact renewable energy projects that reduce its carbon footprint while also benefiting customers, communities, and the electrical grid.

This purchase, along with other renewable sourcing and on-site generation, will allow Rivian to power as much as 75% of its Normal, Illinois, plant operations with carbon-free energy on an hourly basis. The PPA will also contribute to the company's commitment to power its Rivian Adventure Network and Waypoints charging with 100% renewable energy. Importantly, this is Rivian's first major renewable energy purchase and a critical investment in Illinois--supporting homegrown jobs, economic development, tax revenues, and clean energy in the Prairie State.

"About a third of global greenhouse gas emissions come from transportation, with nearly another third from electricity generation. We have a tremendous opportunity at Rivian to help tackle emissions beyond the tailpipe to support decarbonization of manufacturing and charging of electric vehicles," said Andrew Peterman, Rivian Director of Renewable Energy. "Long-term success for us means helping to accelerate the transition to carbon-free energy across the entire economy, not just within Rivian's own footprint."

Rivian's renewable energy strategy combines climate impact, community, and local ecological considerations. Working with The Nature Conservancy and its Site Renewables Right initiative, Rivian aims to support grid decarbonization while also promoting renewable developments that enhance the land, protect critical biodiversity, and improve local economies.

"With Goose Creek Wind, Rivian is modeling an innovative approach to clean energy procurement--one that emphasizes maximum benefit to the local community, economy, and environment," said Mark Goodwin, President and CEO of Apex. "Apex continues to expand opportunities for corporations committed to strengthening local project areas, reducing carbon impact, and restoring natural habitat--all priorities for Rivian as it continues to build out its vision for the future."

Within an hour's drive of Rivian's flagship Normal facility, Goose Creek Wind will put more carbon-free energy on the Central Illinois grid by tapping the region's largest and most sustainable resource--the wind. Rivian promotes and relies on the growth of clean energy in Illinois, contributing to statewide efforts to increase the proportion of renewables from 11%--compared to the national average of 20%--and reduce marginal emissions of a carbon intensive grid.

Rivian has signed the Climate Pledge to reach net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement.

Apex is currently in the process of securing local permits and approvals for the 300 MW Goose Creek Project to be built and as a stipulation of the PPA. The project is slated to begin operations in 2024.

About Rivian:

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at www.rivian.com.

About Apex:

Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of over 400 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world's most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005469/en/

SOURCE: Rivian

Peebles Squire, media@rivian.com
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