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Rivian ($RIVN) plans to raise $1.3 billion in cash by selling green convertible notes, despite indicating it had sufficient cash in last week’s earnings. Investors are not pleased with the move with Rivian stock slipping over 10% following Tuesday’s announcement.

Rivian raises $1.3 billion via green bonds

According to the company’s Q4 earnings release on February 28, Rivian ended the quarter with over $12 billion in cash and equivalents after burning through $1.4 billion during the period.

The company said on its earnings call that followed:

We remain confident that our cash and cash equivalents can fund our operations through 2025.

Although the EV start-up isn’t in desperate need of cash (right now), Rivian does have a full plate this year as it ramps production of the R1 and RCV platforms while developing the next-generation R2 architecture slated to arrive in 2026.

Meanwhile, CEO RJ Scaringe says “equally important to ramping production” is Rivian’s drive toward profitability.

Rivian is losing money on each vehicle it produces (about three times as much), but this is to be expected as the EV maker works toward full production capabilities at its Normal, Illinois, factory.

The company has already made a series of moves to conserve cash, including laying off 6% of its workforce earlier this year and reducing operating costs in the fourth quarter.

According to an SEC filing on Monday, Rivian is looking to improve its capital situation further. Rivian announced it was planning to raise $1.3 billion in cash through green convertible senior notes.

Traditional convertible notes can be paid back in either cash or stock, or a mix of both, making it cheaper and simpler for start-ups like Rivian to raise funds. Meanwhile, “green bonds” offer additional benefits for investing in businesses using the funds for climate-related projects that help with the environment.

Electrek’s Take

Building electric cars (or any vehicle from the ground up for that matter) is incredibly capital-intensive. That’s why Tesla was one of the first new auto brands to break through the market.

Tesla also went through its own “production hell” for those that don’t remember. That being said, Rivian will need to improve its profitability considerably going forward as it ramps production.

Rivian says new technology like the Eduro drive unit, built in-house, is helping drive down material costs. The EV maker is taking what it has learned so far with the R1 series and using it as the foundation for the R2 platform.

The next few quarters will give us a better idea of how Rivian is improving its gross margins as it works to produce more cars at a lower cost.

Rivian said it was aiming to build 50,000 vehicles this year, although an internal meeting suggested it could be around 62,000.

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Massachusetts launches a two-year V2X pilot program

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Massachusetts launches a two-year V2X pilot program

Massachusetts is launching a first-of-its-kind statewide vehicle-to-everything (V2X) pilot program. This two-year initiative, backed by the Massachusetts Clean Energy Center (MassCEC), aims to deploy 100 bidirectional chargers to homes, school buses, municipal, and commercial fleet participants across the state.

These bidirectional chargers will enable EVs to serve as mobile energy storage units, collectively providing an estimated 1.5 MW of new storage capacity. That means EVs won’t just be getting power – they’ll be giving it back to the grid, helping to balance demand and support renewable energy use. The program is also focused on ensuring that low-income and disadvantaged communities have access to this cutting-edge tech.

The Massachusetts pilot is one of the largest state-led V2X initiatives in the US and is designed to tackle key challenges in deploying bidirectional charging technology. By strategically placing these chargers in a variety of settings, the program aims to identify and resolve barriers to wider adoption of V2X technology.

Massachusetts EV owners and fleet operators enrolled in the program will get bidirectional chargers capable of both vehicle-to-grid (V2G) and backup power operations at no cost. Here’s what they stand to gain:

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  • No-cost charging infrastructure: Bidirectional charging stations and installation are fully covered for participants.
  • Grid resilience: With an estimated 1.5 MW of new flexible and distributed storage assets, the program strengthens Massachusetts’ energy infrastructure.
  • Clean energy integration: V2G technology allows EVs to charge when renewable energy is available and discharge stored energy when it’s not, supporting the state’s clean energy goals.
  • Backup power: EV batteries can be used as backup power sources during outages.
  • Revenue opportunities: Some participants can earn money by sending stored energy back to the grid.

Clean energy solutions firm Resource Innovations and vehicle-grid integration tech company The Mobility House are leading the program’s implementation. “With the charging infrastructure provided through this program, we’re eliminating financial barriers and enabling school districts, homeowners, and fleets to access reliable backup power,” said Kelly Helfrich of Resource Innovations. “We aim to create a scalable blueprint for V2X programs nationwide.”

“Bidirectional charging benefits vehicle owners by providing backup power and revenue opportunities while strengthening the grid for the entire community,” added Russell Vare of The Mobility House North America.

The program is open for enrollment now through June 2025. For more details, visit the MassCEC V2X Program webpage. A list of eligible bidirectional vehicles can be found on that page.

Read more: Cambridge’s new solar VPPA is the largest ever by any US city


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Compton, California, just got its first 25 electric school buses

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Compton, California, just got its first 25 electric school buses

Compton, California, has unveiled 25 new electric school buses – the school district’s first – and 25 Tellus 180 kW DC fast chargers.

Compton Unified School District (CUSD) in southern Los Angeles County is putting 17 Thomas Built Type A and eight Thomas Built Type C electric school buses on the road this spring. In addition to working with Thomas Built, CUSD also collaborated with electrification-as-a-service provider Highland Electric Fleet, utility Southern California Edison, and school transportation provider Durham School Services.

Environmental Protection Agency’s (EPA) Clean School Bus Program awarded funds for the vehicles in the program’s first round. EPA also awarded CUSD funds for the third round of the program and anticipates introducing an additional 25 EV school buses in the future.

“I can’t stress enough how vital grants like these are and the need for continued support from our partners in government at the state and federal level to fund additional grants for school districts and their transportation partners that are ready to deliver and operate zero-emission buses,” said Tim Wertner, CEO of Durham School Services.

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CUSD, which serves Compton and parts of the cities of Carson and Los Angeles, currently serves more than 17,000 students at 36 sites. The district has a high school graduation rate of 93% and an 88% college acceptance rate. One in 11 children in Los Angeles County have asthma, which makes the need for emissions-free school transportation that much more pressing.

Read more: Thomas Built Buses debuts its next-gen electric school bus


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Rivian’s R1S electric SUV just got way cheaper to lease

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Rivian's R1S electric SUV just got way cheaper to lease

After cutting lease prices by $200 this month, the Rivian R1S is now surprisingly affordable. It may even be a better deal than the new Tesla Model Y.

Rivian cuts R1S lease prices by $200 per month

Rivian’s R1S is one of the hottest electric SUVs on the market. If you haven’t checked it out yet, you’re missing out.

With some of the best deals to date, now may be the time. Rivian lowered R1S lease prices earlier this month to just $599 for 36 months, with $8,493 due at signing (30,000 miles). The offer is for the new 2025 R1S Adventure Dual Standard, which starts at $75,900.

Before the price cut, the R1S was listed at $799 per month, with $8,694 due at signing. The electric SUV now has the same lease price as the R1T, despite costing $6,000 more.

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The 2025 R1T Dual Motor starts at $69,900, essentially making it a free $6,000 upgrade. At that price, you may even want to consider it over the new Tesla Model Y.

Tesla’s new Model Y Launch Series arrived with lease prices of $699 for 36 months. With $4,393 due at signing, the effective rate is $821 per month, or just $13 less than the R1S at $834. However, the 2025 R1S costs nearly $15,000 more, with the Model Y Launch Series price at $59,990.

Rivian is also offering an “All-Electric Upgrade Offer” of up to $6,000 for those looking to trade-in their gas-powered car, but base models are not included.

Starting Price Range
(EPA-est.)
2025 Rivian R1S Dual Standard $75,900 270 miles
2026 Tesla Model Y Launch Series $59,990 327 miles
Rivian R1S Dual Standard vs new Tesla Model Y Launch Series

To take advantage of the Rivian R1S lease deal, you must order it before March 15 and take delivery on or before March 31, 2025.

The 2025 Rivian R1S Dual Standard Motor has an EPA-estimated range of up to 270 miles. Tesla’s new Model Y Launch Series gets up to 327 miles.

Which electric SUV would you choose? Rivian’s R1S or the new Tesla Model Y? If you’re ready to check them out for yourself, you can use our links below to find deals on the Rivian R1S and Tesla Model Y in your area.

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