The electric vehicle startup REE is in the process of closing negotiations with the SPAC company through which it will enter NASDAQ: According to the publications abroad, REE will merge with X10 Capital Venture Acquisition Corp (NYSE: VCVCU) and issue at a value of 3.1 billion Dollars before the money, or 3.6 billion after the IPO, the deal will be signed later today.
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The previous investors in REE will hold about 80% of the shares in the merged company. These include the car brands Mitsubishi, Toyota and Fiat-Chrysler, Meitav Dash, Hachshara, Phoenix and Excellence, as well as NSK America, Red Bynet,
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And its controlling owner is Gil Agmon.
The company manufactures a generic platform for electric vehicles that can be used by automakers. The uniqueness of its product is that various components in the vehicle are integrated inside the wheels – the engine, steering system, brakes, sensors, suspensions and more. In fact, such a “flat” platform leaves manufacturers with a lot of flexibility in vehicle design as it saves a lot of space. Thus delivery vehicles, for example, can make room to carry more cargo, and also more passenger cars can be gained.
The Japanese Musashi, from Honda, manufactures its electric platform based on and in collaboration with REE technology, and the Indian Mahindra & Mahindra signed with it a memorandum of understanding for the production of 200-250 thousand cars with its platform. REE will also provide its platform to Henino (Toyota’s truck division).
REE was founded in 2013 by Softville’s founders, Daniel Barel, who serves as CEO and Achishi Sardes, and employs more than 100 people. “It’s been a pretty amazing year for us,” Barel recently said in a conversation with BizPortal. “We have signed several collaboration agreements, some of which we have not yet reported, and this will be an interesting year in which we will open up even more to the world and increase the adoption of our technology by the market.”
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