UK-based EV startup Arrival has garnered a fresh $300 million in equity financing in hopes it can slow the financial bleeding that has plagued it in recent months. As previously announced layoffs and cost cuts take effect, Arrival expects the funding to help slow its cash-burn rate, but says it will need to raise even more in order to begin Van production in the US next year.
Arrival ($ARVL) is an UK-based startup focused on delivering urban-centric mobility by way of its last-mile Arrival Van, although at one point the EV developer was soaring high in innovation, also developing an all-electric passenger bus and a rideshare-specific Arrival Car designed alongside Uber.
Like many young startups, Arrival’s need for massive amounts of funding took its toll over time. Following its public offering via an SPAC merger in March of 2021, Arrival’s stock value has tumbled, leading to an announcement last summer that it would be reorganizing its business to focus solely on Van production, halting Bus and Car development.
By October of 2022, Arrival announced it was pivoting its EV business once again, shifting its focus to US production after citing significant costs to scale overseas and a less-than-stellar at-the-market (ATM) platform. The revised strategy mentioned the cutting of “cash-intensive activities,” including staff salaries, particularly “a sizable impact on the company’s global workforce, predominantly in the UK.”
By November, Arrival president and chief of strategy Avinash Rugoobur resigned for personal reasons, and CEO Denis Sverdlov stepped down into a new role as chair of the board. Simultaneously, Arrival had received a letter of compliance because its stock share was too low. The company has until May to get its stock over $1.00 to avoid being delisted. As of this morning, shares are listed at $0.148.
Still, the startup fights on. Its former EVP of digital Igor Torgov will took over as company CEO in late January alongside the unfortunate news that it would be cutting its staff of 1,600 in half. Arrival hopes that these cuts alongside the funding announced today will help it stay liquid through 2023 while it tries to raise additional funding to reach scaled production.
Arrival’s late-2024 Van production feels quite far away
While today’s funding news should be encouraging from those fortunate to remain on staff at Arrival, the EV startup is by no means out of the red yet and has a long road ahead of it to actually reach Van production.
According a report from Automotive News Europe, Arrival believes the $300 million in equity financing from Westwood Capital will help it hit its targeted cash burn rate of $35 million each quarter, at least by the second half of this year. That’s when much of the aforementioned cash cuts and layoffs will take full effect.
The startup also said that the additional capital combined with the measures above should provide more liquidity to the business, at least enough to keep it going until late 2023. Still, Arrival isn’t expected to begin Van production at its US microfactory in Charlotte, North Carolina, until late 2024.
To keep the lights on into next year, Arrival said it is kicking off additional fundraising efforts focused on its targeted Van production timeline. To settle the previously mentioned issue with the Nasdaq listing, Arrival recently called for a meeting of shareholders to vote on a reverse stock split proposal to regain compliance. At the end of 2022, Arrival had approximately $205 million in cash and cash equivalents.
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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.
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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.
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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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