REE closes $15M share offering, links with Airbus, and showcases demo EV at Work Truck Week
EV startup REE Automotive is off to a newsworthy week so far, dropping three separate updates regarding its business strategies and unique technology. In addition to a new collaboration to provide technology to aerospace developer Airbus UpNext, REE closed a public offering of ordinary shares this morning, totaling close to $15 million. Lastly, the public is getting its first public look at REE’s all-electric demo vehicle at Work Truck Week 2024.
REE Automotive, Inc. ($REE) remains a nascent EV startup specializing in modular platforms, “x-by-wire” technology, and unique REECorners. The combination of all this technology is the P7-C electric truck, which began deliveries in January following certification in the US, the first of its kind to do so.
Commercial operators have taken notice of REE and the potential of its modular technology, filling its order books with tens of millions of dollars. This morning, REE announced further financial runway to continue its work, closing a public offering of ordinary shares.
Not to be outdone, REE also shared two additional updates, including a look at a demo truck on display in Indiana later today.
REE showcases electric truck following issued shares
Let’s start with Airbus UpNext. On Tuesday, REE announced it had been selected by the aerospace subsidiary of Airbus SE to provide technological insight. More specifically, the collaboration pertains to REE’s x-by-wire and REECorner systems.
REE shared that Airbus UpNext will use the technology in one of its research and technology demonstrators. However, a representative for REE told Electrek it cannot share any more details at this time. Per Airbus UpNext’s website, it is currently developing five different demonstrator vehicles.
This morning, REE Automotive also shared that it has closed its previously announced underwritten public offering of 2.3 million Class A ordinary shares. Each ordinary share was sold at a public offering price of $6.50 each. REE says the gross proceeds from the completed offering total roughly $14.95 million and will be used for working capital toward product development and commercialization, in addition to “general corporate purposes.”
M&G Investment Management Limited – REE’s largest shareholder led the offering. Co-head of APAC Equity Investing at M&G Carl Vine spoke about the public offering of ordinary shares and its confidence in REE looking forward:
We continue to be very impressed with REE’s execution and its technological achievements. Let’s not lose sight of the fact that REE’s x-by-wire technology, which sits at the heart of its offering, is unlike anything else commercially available today. REE’s business model has always been differentiated from other companies that we have seen come and go in this space. By only ever intending to supply the critical, technology-driven aspects of its flexible vehicle-platform, REE has always held the promise of strong unit economics with only modest capital needs.
Lastly, REE is showcasing its full-by-wire electric truck (seen above) at Work Truck Week in Indianapolis, Indiana. The REE demo truck debuted during a private Knapheide Distributor Event on Tuesday, in which Knapheide’s sales and installation partners got to experience the complete vehicle solution up close.
This afternoon, REE and Knapheide will discuss the electric truck with Work Truck Week attendees and media during a joint media conference at 3:45 PM ET at the REE booth (#1843). REE co-founder and CEO Daniel Barel spoke to the potential of its platform technology and how its modularity can suit several commercial fleet customers more easily:
REE prides itself on being upfit ready. No two fleets have the exact same business needs or use cases, and when they purchase a Powered by REE vehicle our technology allows them to not be constrained by traditional vehicle architecture. The REE vehicles use electronic control to replace legacy mechanical and hydraulic systems for critical operations including braking, driving and steering. The absence of traditional mechanical components increases cabin space and cargo volume, allowing for a low floor creating almost endless upfit possibilities.”
Work Truck Week 2024 continues from the Indianapolis Convention Center through Thursday, March 7.
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LiveWire, the electric motorcycle brand spun out of Harley-Davidson, has just announced its latest electric motorcycle model. The new LiveWire S2 Alpanista is built on the same platform as the brand’s last two models, leveraging the Arrow platform as a versatile foundation for several diverse bikes.
The Arrow platform first received its debut with the LiveWire S2 Del Mar, which was then followed by the S2 Mulholland.
LiveWire announced that a high-performance electric maxi-scooter would be produced on the Arrow platform, but not before the company rolled out the S2 Alpinista. “The Alpinista is LiveWire’s first sport standard,” explained the company, “equipped with 17” wheels and tires, blending the best of street, sport, and hyper-tourer characteristics.”
The recently unveiled S2 Alpinista is mechanically quite similar to the two previous models sharing the platform. The 10.5 kWh battery that serves as the main structure of the bike will offer a maximum range of 120 miles (193 km) per charge under city riding conditions. It can be recharged with a Level 2 charger from 20-80% in just 1 hour and 20 minutes.
The 433 lb (196 kg) bike can achieve a 0-60 mph (0-96 km/h) time of just 3.0 seconds, thanks to its powerful 63 kW (84 hp) motor. The S2 Alpinista can also reach an electronically limited top speed of 99 mph (159 km/h).
Priced at US $15,999 and already available at LiveWire dealerships in North America and Europe, the S2 Alpinista officially becomes the most affordable LiveWire electric motorcycle available to date, undercutting the $16,249 S2 Del Mar electric street tracker and the $16,499 Mulholland electric sport cruiser.
“Alpinista reimagines the S2 by combining the urban agility of a supermoto with the do-it-all nature of a touring bike, creating a practical and thrilling sport standard,” explained the brand.
The smaller 17″ wheels help reduce the seat height of the bike, and combined with the Dunlop Roadsmart IV tires, the street-optimized bike is ideal for “both daily commutes and spirited rides through winding roads.”
The S2 Alpinista comes with 6-axis IMU from Bosch providing cornering-enhanced antilock braking and cornering-enhanced traction control systems, in addition to four preset ride modes and two custom modes.
Now the third model launched on the Arrow platform, the S2 Alpanista underscores the versatility of LiveWire’s workhorse. The approach was intended to allow the e-motorcycle offshoot to quickly innovate with multiple styles of motorcycles all sharing key structural and drivetrain components. The move has largely been seen as an engineering success, with three models hitting the road in under three years. However, sales have yet to reach targets set by LiveWire as the more premium electric motorcycle industry has experienced a rocky few years.
As a LiveWire S2 Del Mar owner myself, I can attest to both the performance and enjoyable experience of bikes built on the platform, though I do find myself in a somewhat smaller community than LiveWire had likely hoped for. With the backing of its powerful older brother H-D, which retains a controlling stake in the company, LiveWire has enjoyed the relative freedom to cruise for its first few years and focus on motorcycle development and rollouts, with profitability hopefully coming over the horizon in due time.
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