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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.

Go deeper

Amy Harder, author of Generate
Jan 19, 2021 - Energy & Environment

Global investments into clean-energy technology reach record high

Reproduced from BloombergNEF; Chart: Axios Visuals

Investments into clean-energy technologies totaled more than $500 billion for the first time ever, according to a BloombergNEF report released Tuesday.

Why it matters: Technologies making energy and other material cleaner needs to expand rapidly if the world is to adequately address climate change in the coming decades.

A city's catharsis

A view outside the Hennepin County Courthouse after yesterday's verdict. Photo: Stephen Maturen/Getty Images

Celebration and catharsis filled the streets of Minneapolis yesterday. After weeks on edge, many breathed a sigh of relief upon hearing Judge Peter Cahill read the sweep of guilty verdicts against Derek Chauvin.

What they're saying: "George Floyd isn't coming back to life, but this is the justice we were looking for," Jaqui Howard, who joined the crowds outside the courthouse yesterday, told The Star Tribune.

What to expect from Derek Chauvin's sentencing

Screenshot via CNN

Derek Chauvin was whisked away to prison after after two weeks of testimony and about 10 hours of jury deliberations, but his sentencing will move much slower — about eight weeks.

What's next: There's still plenty of wrangling left over how much time the former Minneapolis cop will spend behind bars.