Electric truck startup Rivian just hauled in another major funding round as it gears up to launch its all-electric pickup truck this year.
Rivian announced Tuesday that it raised $2.65 billion in a round led by T. Rowe Price. Other backers include Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners.
The fresh funding brings Rivian's total amount raised to $8 billion since the start of 2019.
Rivian is based in California but is assembling its all-electric trucks, called R1T, and SUVs, called R1S, at a former Mitsubishi plant in downstate Normal, IL.
Rivian is also making 100,000 electric delivery vans for Amazon, part of Amazon's goal to use fully renewable energy by 2030 and become carbon neutral by 2040. Amazon led a $700 million round in Rivian in February 2019.
The startup intended to deliver its vehicles to customers last year, but had to delay manufacturing until 2021 due to the coronavirus. Rivian said customer deliveries are expected to begin this summer.
“This is a critical year for us as we are launching the R1T, the R1S and the Amazon commercial delivery vehicles," Rivian founder and CEO RJ Scaringe said in a statement. "The support and confidence of our investors enables us to remain focused on these launches while simultaneously scaling our business for our next stage of growth."
The new funding reportedly values Rivian at more than $27 billion.
