Russian-founded electric car startup raised € 50 million from oligarch Potanin
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Russian-founded electric car startup raised € 50 million from oligarch Potanin
Arrival, a British startup developing commercial electric vehicles, received € 50 million in investments from the Winter Capital fund, the largest investor of which is Vladimir Potanin.
The founder of Arrival is a former Russian businessman and civil servant Denis Sverdlov. In Russia, in 2007-2010, he was the co-founder and head of the telecommunications company Yota, and in 2012-2013, he served as the deputy minister of communications of the federal government. Sverdlov created Arrival after emigrating from Russia in 2015.
In about a year (from the end of 2019 to October 2020), Arrival attracted external financing for 260 million euros, the total cost of the startup is estimated at 3 billion euros. Other major investors in Sverdlov include the Korean concern Hyundai-Kia and the American transport concern UPS. The latter, by the way, is going to buy 10,000 Arrival electric vans.
As RBC writes, Potanin's business is already partially associated with "green" transport. At the end of 2017, Norilsk Nickel (Potanin is its largest shareholder and president) agreed on a partnership with the German BASF, which is building a factory for the production of raw materials for batteries for electric vehicles in the Finnish Harjavalta, next to the nickel-cobalt enterprise of the Russian company.
Norilsk Nickel signed an agreement for the supply of nickel and cobalt to it (the volumes on it were not disclosed). It was planned that production will start at the end of 2020 and it will provide about 300 thousand electric cars a year with raw materials for batteries (with the possibility of increasing capacities). But the construction of the plant has not yet been completed, Potanin noted at the company's Investor Day on December 1.
In October, Arrival unveiled a new prototype of an electric van. Regarding the 2019 project, it has a completely redesigned body - the front pillars are made at an angle to improve aerodynamics. The vans are planned to use Korean LG Chem batteries. Depending on the needs, the total battery capacity ranges from 44 to 130 kW * h.
The start of deliveries of Arrival electric vans is scheduled for the first quarter of 2022.
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