Connect with us

Investment

Electric vehicle startup Rivian scores $1.3 billion investment from T.Rowe Price, others – Reuters Canada

Published

on


(Reuters) – Electric vehicle startup Rivian said on Monday it closed a $1.3 billion investment round, led by fund manager T. Rowe Price but also including existing investors online retailer Amazon.com Inc (AMZN.O) and No. 2 U.S. automaker Ford Motor Co. (F.N)

FILE PHOTO: Rivian introduces all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake/File Photo

The investment round, which also included BlackRock Inc(BLK.N), is the fourth this year for Rivian and positions the Plymouth, Michigan-based company as one of the better-financed players in a crowded EV manufacturing market where Tesla Inc (TSLA.O) is the most established player.

“This investment demonstrates confidence in our team, products, technology and strategy,” Rivian Chief Executive R.J. Scaringe said in a statement.

Electric vehicles still make up only a small piece of the global automotive market. While Tesla is the best-known maker, China and Europe are pushing automakers to roll out EVs, and Ford, General Motors Co (GM.N) and others have announced plans to spend billions of dollars developing the vehicles.

Founded in 2009, Rivian plans to build an all-electric pickup truck, the R1T, and the companion R1S SUV, starting in late 2020. Both models are based on a Rivian-designed “skateboard,” a chassis that bundles electric motor, batteries and controls and can accommodate a variety of body styles.

Prior to Monday’s announcement, Rivian had raised $2.2 billion from investors, according to investor website PitchBook, and was valued at an estimated $5 billion to $7 billion.

Rivian said on Monday no new board seats were added as a result of the latest investment.

T. Rowe Price has placed other bets in the auto sector. It is a large Tesla shareholder and also has invested in GM’s majority-owned Cruise self-driving division. T. Rowe Price also invested, along with Amazon, in self-driving car software startup Aurora and British online food delivery company Deliveroo.

Amazon, which has relationships and deals across the auto industry, led a $700 million investment round in Rivian in February. The e-commerce giant also ordered 100,000 electric delivery vehicles from Rivian. The first Amazon vans will be built at a former Mitsubishi plant in Normal, Illinois, starting in 2021.

Ford invested $500 million in Rivian in April and plans to help it begin production in Normal in 2020.

“We want to maintain a meaningful value in the ownership and future of that company,” Ford spokesman T.R. Reid said of Rivian.

In November, sources told Reuters a battery-powered Lincoln SUV, due in mid-2022, would be the first Ford vehicle to be built on the Rivian skateboard.

Cox Automotive Inc, owner of the Autotrader online automobile market and Kelley Blue Book car valuation service, invested $350 million in Rivian in September.

Reporting by Ben Klayman in Detroit; Editing by Sonya Hepinstall and Dan Grebler

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

CI Financial buying US investment adviser Bowling Portfolio Management – BNN

Published

on


CI Financial Corp. says it has signed a deal to acquire U.S. investment adviser Bowling Portfolio Management LLC.

The firm based in Cincinnati has US$450 million in assets under management.

Financial terms of the transaction were not disclosed.

Bowling provides financial planning and investment management services to high-net-worth clients.

CI has been expanding its operations in the U.S. this year in a series of acquisitions.

It says when all pending transactions close, it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion.

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

Latest COVID-19 research investment supports knowledge exchange on social, cultural and economic impact of COVID-19 – Canada NewsWire

Published

on


Research funding will help equip public, private and not-for-profit organizations to respond to challenges posed by pandemic

OTTAWA, ON, Sept. 21, 2020 /CNW/ – As Canada continues to manage the impacts of the COVID-19 pandemic, supporting the work of Canadian researchers is key to building a healthy, more resilient and prosperous country. Working together with government, industry and not-for-profit organizations, researchers from across the social sciences and humanities can help provide data, insight and evidence to guide our actions in the months to come while we navigate postpandemic economic and social recovery.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, announced an investment of over $4 million in funding through the Social Sciences and Humanities Research Council‘s (SSHRC) Partnership Engage Grants, to support 172 projects and almost 600 researchers working with businesses and community partners from across Canada. These grants provide short-term and timely support for partnered research activities that will inform decision-making in the public, private or not-for-profit sector.

In response to the early phases of the pandemic crisis, the latest Partnership Engage Grants competition included a special call to address COVID-19 related research. Over $3 million of the investment announced today will directly support 139 projects addressing this call. Some of these projects funded will study changes in the teaching profession, the pandemic’s impact on small- and medium-sized enterprises, mental health among entrepreneurs, and impacts on seniors and their community support services.

Quotes

“The ongoing COVID-19 pandemic has posed unprecedented challenges around the world. While much of the focus to date has been on developing and testing effective countermeasures to control the spread of the virus, the work these researchers will be doing to examine the longer-term impacts of the pandemic on individuals, businesses and communities will better position Canada for a strong recovery.” 
—The Honourable Navdeep Bains, Minister of Innovation, Science and Industry

“SSHRC’s investment in these diverse partnered research projects will advance critical knowledge needed to address the impacts of COVID-19 and the social, cultural and economic challenges facing citizens, communities and businesses in Canada and around the world.”
Ted Hewitt, President, Social Sciences and Humanities Research Council

Quick facts

  • SSHRC’s Partnership Engage Grants provide short-term and timely support for partnered research activities that will inform decision making at a partner organization from the public, private or not-for-profit sector.
  • The Partnership Engage Grants COVID-19 Special Initiative provides researchers and their partners a unique opportunity to foster knowledge exchange on COVID-19 crisis-related issues, challenges and impacts. It offers a unique opportunity to exchange knowledge between postsecondary researchers and different sectors of society, including graduate students, postdoctoral researchers and other highly qualified personnel.
  • The Partnership Engage Grants COVID-19 Special Initiative call is ongoing. Recipients of the September-deadline applications will be announced soon.
  • The application intake for this first ever COVID-19 Special Initiative competition exceeded expectations. To ensure an appropriate response to this demand, SSHRC reallocated just over $3 million more to this initiative. This additional funding brings the total amount for the June and upcoming September competitions to almost $5 million.

Associated links

Follow SSHRC on social media: Twitter, Instagram, Facebook

Follow @CDNScience on social media: Twitter, Instagram, Facebook

SOURCE Social Sciences and Humanities Research Council of Canada

For further information: John Power, Press Secretary, Office of the Minister of Innovation, Science and Industry, 343-550-1456, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; Media Relations, Social Sciences and Humanities Research Council, 343-549-6141, [email protected]

Related Links

http://www.sshrc-crsh.gc.ca/

Let’s block ads! (Why?)



Source link

Continue Reading

Investment

CI Financial buying U.S. investment adviser Bowling Portfolio Management – Vancouver Courier

Published

on


TORONTO — CI Financial Corp. says it has signed a deal to acquire U.S. investment adviser Bowling Portfolio Management LLC.

The firm based in Cincinnati has US$450 million in assets under management.

article continues below

Financial terms of the transaction were not disclosed.

Bowling provides financial planning and investment management services to high-net-worth clients.

CI has been expanding its operations in the U.S. this year in a series of acquisitions.

It says when all pending transactions close, it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion.

This report by The Canadian Press was first published Sept. 21, 2020.

Companies in this story: (TSX:CIX)

Let’s block ads! (Why?)



Source link

Continue Reading

Trending