Ree automotive awarded $17 usd million funding from the uk government

Tel aviv, israel, aug. 19, 2021 (globe newswire) -- ree automotive ltd. (nasdaq: “ree”), an innovator in e-mobility which recently started to trade on nasdaq, today announced that its reecorner™ technology was awarded $17 million usd funding from the uk government as part of a $57 usd million investment, coordinated through the advanced propulsion centre (apc). the investment is in line with the uk government's ambition to accelerate the shift to zero-emission vehicles and de-carbonize the uk's transport networks. the award funding follows an intensive vetting and selection process from which ree's project and three other transformational projects were selected amongst dozens of companies. together, the 4 projects could save nearly 32m tons of carbon emissions, which is equivalent to the lifetime tailpipe emissions of 1.3m cars. the investment will help drive energy-saving technology across a wide range of vehicles and propel forward a green economy recovery.
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