Electric vehicle startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com, Ford Motor Co. and T. Rowe Price.
The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian’s planned plant, dubbed “Project Tera,” will include battery cell production.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement.
“This infusion of funds … allows Rivian to scale new vehicle programs, expand our domestic facility footprint, and fuel international product rollout,” he added.
Rivian, which has a plant currently in Normal, Ill., said it has raised about $10.5 billion to date. It will seek a valuation of well over $50 billion in a potential public listing later this year, a source previously told Reuters. Bloomberg has reported that the IPO could value the company at $70 billion.
