Image courtesy of Arrival
Arrival, the U.K.-based electric van and bus company, said Wednesday that BlackRock-managed funds are investing $118 million to help fuel its expansion, including plans to build a factory in South Carolina, as first reported by The Wall Street Journal.
Why it matters: It's the latest sign of money pouring into electric vehicle startups.
- "The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter," per the Journal.
The big picture: It's also another sign that electric vehicle companies designing vehicles for corporate and government fleets are attracting lots of interest.
- UPS, which is also one of Arrival's investors, plans to buy at least 10,000 battery-powered delivery trucks over the next five years, as Axios' Joann Muller reported early this year.