Israel-based REE Automotive
(REE), a leader in e-Mobility, which recently announced its merger with 10X Capital Venture Acquisition Corp, last week announced the establishment of a new ‘state of the art’ Engineering Centre of Excellence on the MIRA Technology Park in Nuneaton, which will create around 200 highly skilled jobs in the next few years.
It is part of REE’s plans to meet anticipated global demand for its breakthrough REEcorner and Electric Vehicle (EV) platform technology. The Engineering Centre will spearhead REEcorner and EV platform engineering design, validation, verification and testing, as well as product approval.
The company will also have access to world-class test facilities and a proving ground for physical testing and validation of the REEcorner and EV platform at the MIRA Technology Park, Europe’s leading mobility R&D location for developing the latest automotive technology.
REE’s unique CapEx-light manufacturing model will utilise globally located integration centres, creating scalable and agile unit economics. REE intends to assemble components at its integration centres thus reducing Capex requirements, and expects to establish a network of 15 integration centres with the first one set to open in the USA in 2021.
The company plans to manufacture via a secured and exclusive global network of Tier One partners in over 30 countries, with point-of-sale assembly.
Daniel Barel, REE's co-founder and CEO, said: “I am excited to announce another major milestone for REE towards bringing our technology and products to the market as we expand our global footprint. With the recent announcement that we plan to go public via a SPAC through our merger with 10X Capital Venture Acquisition Corp and funding from long-term strategic investors including Koch Strategic Platforms, Mahindra & Mahindra and Magna International, REE has sufficient capital to accelerate mass production of REEcorner technology and modular EV platforms.
“The first REEcorners are expected to be delivered to customers in 2022, with mass production beginning in 2023. This new Engineering Centre is a ‘state of the art’ facility allowing us to accelerate our validation, verification and testing as well as product homologation.”
REE's technology empowers global mobility companies with the flexibility to build electric and autonomous cars, vans and trucks of any size or shape, for any application, and any target market. The company’s proprietary REEcorner X-by-wire technology integrates all critical vehicle components (steering, braking, suspension, powertrain and control) into the arch of the wheel. This ground-breaking concept, unique to REE, allows a completely flat and modular electric chassis and provides customers with full design freedom to create the broadest range of electric and autonomous vehicles.
EVs and AVs built on REEcorner and EV platform technology will offer more room for passengers, cargo, and batteries in a manner unprecedented in the industry. REE’s proprietary technology is agnostic to vehicle size and design, power-source and driving mode (human or autonomous).
Lord Grimstone, Minister for Investment at the Department for International Trade, said: “The UK is the most welcoming location for a pioneering automotive company like REE thanks to our leading position in both CAM and vehicle electrification.
“The Government’s multi-million ‘Driving the Electric Revolution’ programme, which drives forward new solutions in automotive power electronics, motors and drives, has played a major role in bringing this exciting investment to the UK. I wish the company every success in its new home.”
Responsible for the launch, REE’s COO Mike Charlton said: “A key driver in our decision to establish our presence in the UK is the Government’s forward-thinking vision and zero-emissions policy that perfectly aligns with REE’s goal of heralding a more sustainable, greener future for our generation and those to come.”