CIIG is a particular function acquisition firm, which is a agency that exists solely to boost cash on the inventory market and has beforehand labored with different electrical car startups like Nikola and Fisker.
The deal might elevate as a lot as $660 million (roughly £500 million) together with $260 million (£196 million) that was already raised by CIIG in its preliminary public providing final 12 months and $400 million (greater than £300 million) raised from different buyers together with a agency referred to as BlackRock which is CIIG’s largest shareholder. It raised one other $118 (£89 million) from BlackRock final month.
Following the deal, CIIG will maintain round 12 p.c of Arrival inventory, with the opposite 88 p.c going to different shareholders which embody Hyundai and UPS.
UPS has already ordered 10,000 electrical vans from Arrival with an choice to double that order.
The UPS order will embody “depot autonomous” automobiles in response to Arrival president Avinash Rugoobur. Which means the automobiles may have the flexibility to drive to their very own charging stations or cleansing areas inside depots with out human enter. The followers may even be capable of be upgraded to fully-autonomous in future as expertise advances.
“UPS should purchase a car at present and we name it ‘autonomous prepared’ as a result of we are able to improve that current asset to be autonomous,” stated Rugoobur.