London based, Arrival, a developer and manufacturer of zero-emission, public vehicles, is all set to go public in New York.
In a statement, the company said that it has agreed to merge with “blank-check” company CIIG, in the United States.
The deal would value the combined company at $5.4 billion (approx £4 billion) and expected to provide approximately $660 million (approx £496 million). As per the company’s statement, the transaction is expected to close in Q1, 2021.
Founded by Denis Sverdlov, Arrival develops software, materials, components, and scalable skateboard platforms and its micro-factories allow them to make vehicles and adapt to any mobility ecosystem.
“With Arrival’s products, our clients are not forced to compromise between being green and being cost-efficient. Our focus on the whole EV ecosystem, new methods of design and production, and our enabling technologies are the key to driving down the cost of EVs and accelerating the transition to zero-emission transportation globally,” said Denis Sverdlov, Founder and CEO of Arrival. “CIIG’s leadership team has invaluable experience in building businesses globally across a wide range of industries. We are excited to partner with them as we begin our journey to being a publicly-listed company and delivering our products to customers and cities around the world.”
The company’s new method uses low CapEx, rapidly scalable Microfactories that can be placed anywhere in the world to serve the regions they are located in.
Partners with Hyundai, Kia, and others
Arrival has signed contracts with a total order value of up to $1.2 billion and its first products are planned for production in Q4 2021. The company has previously received investment from strategic partners Hyundai, Kia, UPS, Winter Capital. Notably, Hyundai and Kia are also exploring opportunities to co-develop zero-emission vehicles with Arrival.
Alongside the investment, United Parcel Service (“UPS”) the global logistics company, announced a commitment to purchase 10,000 electric vans.
Employs 1,300 people globally
Headquartered in the United Kingdom, Arrival employs around 1,300 employees globally in offices across the United States, Germany, Netherlands, Israel, Russia, and Luxembourg. The company is deploying its first two Microfactories in South Carolina, the US, and Bicester, the UK in 2021.