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January 25, 2021
Private Investment Worth $13.8 Billion Already Committed in 2021
Source: EV Hub
If there was any doubt whether 2021 would be a hot year for the EV market, look no further than the slew of private investment commitments logged in the first three weeks of the year. As of January 25th, more than $13.8 billion has been committed to transportation electrification advancement globally since the start of the year. This already represents 11 percent of the total EV investment announced in 2020. Roughly 40 percent of this is destined for the United States with China making up a majority of the remaining commitments.

Rivian continues to steal headlines and represents the largest investment commitment destined for the U.S. market. The company has raised an additional $2.65 billion as they race to bring their flagship vehicles to market as early as June 2021. They are also preparing to make good on the massive order of 100,000 delivery vans for Amazon, which was part of a $700 million investment from the online retail giant in February 2020. Prototypes of these vehicles are already being tested on the road and Rivian has raised a total of $8.5 billion since late 2017. The company has not announced plans on when or how they will list on the stock market.

GM claims the second-highest portion of U.S.-based investment recorded so far in 2021. The company’s autonomous EV unit, Cruise, announced $2 billion in investment from Microsoft, Honda, and their parent company GM on January 19th. This came on the same day that GM announced their new commercial EV platform, BrightDrop. With an initial investment of $800 million to manufacture electric delivery vans in Canada, GM looks to contend with a growing field of manufacturers including Rivian, Arrival, Canoo, and Ford that all have plans to unveil electric delivery vehicles by or before the end of 2022.

Vans are only one part of the medium- and heavy-duty electrification boom, as a fleet of startups and smaller manufacturers have executed reverse mergers to go public. The latest to opt for this approach is electric bus maker Proterra in a deal that values Proterra at $1.6 billion and will raise $415 million for the company. Some of this investment came from Daimler, which has partnered with Proterra through their subsidiary Thomas Built Buses to develop electric school buses. Proterra, Thomas Built Buses, and Arrival have all set up shop in North and South Carolina as part of a growing ecosystem of medium- and heavy-duty EV manufacturing in the region.

Investment is not limited to vehicle manufacturing. On January 22nd, the charging service provider EVgo announced a $575 million deal to go public through a reverse merger with a special purpose acquisition company. EVgo, one of the nation’s largest public fast charging network, follows the announcement of competitor ChargePoint’s $493 million reverse merger deal to go public in September 2020. Volta Charging, a smaller company based in California focused on strategic charging at high-traffic retail locations, is also among the companies reporting new investment in January 2021. A new funding round will bring an additional $125 million for the company to expand its offerings.

This flurry of investment is likely to continue with signals of stronger support from the new Biden administration and federal backing for transportation electrification in the United States. We will track these developments as they come in on both the Global Private Investments Dashboard and the Automakers Dashboard.
Utility Filings Dashboard
Join us for EV Hub Live on 1/28 @ 3pm EST

new paper from the Alliance for Transportation Electrification and Plug In America calls consumer education and outreach by electric utilities the “missing piece” for transportation electrification. The paper shares eight reasons why utilities should be enabled to invest in education and outreach programs and how these programs can help close the awareness gap and spur more electric vehicle adoption.

In this episode of EV Hub Live, Nick Nigro will sit down with Katherine Stainken of Plug In America and Kellen Schefter of the Edison Electric Institute to discuss this new research and what we should expect from utilities and other stakeholders on education and outreach in the near term. 

Register Here
Register for Roadmap 2021

Atlas is proud to support Roadmap, a leading electric vehicle conference. Join us, June 14-16, 2021 for a virtual graduate course in EV deployment and to advance transportation electrification efforts across the nation.

Forth's annual Roadmap Conference is the leading electric, smart, and shared mobility conference in the United States. This year, Roadmap will include over 100 national and international speakers, dozens of virtual exhibits, high-energy breakout sessions, and plenty of networking opportunities.

Use the link below to get $35 off the Early-Bird ticket price (discount already applied)!
 
Register today at https://roadmapforth.org/register/ATLASPP

Register Here
We're Hiring!

Atlas is hiring for a new Policy Associate position. The right candidate will be sharp, ambitious, passionate, and capable of adapting to the evolving demands at Atlas. This position can be based in San Francisco, CA or Washington, DC. Atlas staff currently work from home due to COVID-19. 

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EV Hub News

Three States and DC Move to Implement TCI Program

On December 21, 2020, members of the Transportation & Climate Initiative (TCI) including Massachusetts, Connecticut, Rhode Island, and Washington D.C. announced plans to be the first jurisdictions to begin administering the Transportation & Climate Initiative Program (TCI-P) that could bring $300 million of annual investment in clean transportation projects to communities throughout the region. Investment will come from the TCI program which collects “allowance” payments from major oil and gas suppliers in the region to invest in transportation electrification and other emissions-saving technologies. Emissions reductions in these four jurisdictions are expected to reach 26 percent by 2032. Read More Here

California to Ban Sale of New Gas Vehicles by 2035

California, the nation’s largest vehicle market, has announced that the sale of new gasoline passenger cars and trucks will be banned after 2035. The ban comes as a result of an Executive Order from Governor Gavin Newsom and directly addresses the state’s long-term climate goals amid an ongoing season of particularly extreme wildfires. The next steps will be for the California Air Resources Board (CARB) to establish binding requirements setting this new rule in motion. Read More Here

15 States Commit to 100% ZEV Truck and Bus Sales By 2050

Organized by the Northeast States for Coordinated Air Use Management (NESCAUM), 15 states and Washington DC have come together in support of rapid electrification of the medium-and heavy-duty vehicle sector. The MOU signed by participating states calls for all new truck and bus sales to be zero emission by 2050. States partnering on the MOU include California, Colorado, Connecticut, Hawaii, Maine, Maryland, Massachusetts, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. Read More Here

Catch Up On EV Hub News Alerts
Job Openings
Below are current job openings in transportation electrification: If you have a job posting you would like to share with EV Hub users, please send them to us in an email at info@atlasevhub.com.
Upcoming Events

In this webinar, Forth will highlight the progress of the Clean Rural Shared Electric Mobility (CRuSE) project in Hood River, OR. CRuSE seeks to bring all-electric carsharing to rural communities and make them more accessible for low-income residents. Read more.

January 26th @ 1pm EST

In this episode of EV Hub Live, Nick Nigro will sit down with Katherine Stainken of Plug In America and Kellen Schefter of the Edison Electric Institute to discuss this new research and what we should expect from utilities and other stakeholders on education and outreach in the near term. Read more.

January 28th @ 3pm EST

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