A New Player in the EV Game: Also
In an exciting turn of events, micromobility startup Also announced its spin-off from electric-vehicle maker Rivian Automotive on Wednesday. This separation comes with a hefty $105 million Series B funding round led by venture capital firm Eclipse. With this newfound independence, Also is poised to focus solely on the development of lightweight electric vehicles (EVs).
A Fresh Perspective on Electric Mobility
Also’s mission is to create EVs that are not only eco-friendly but also accessible and affordable for everyday use. By focusing on lightweight designs, the company aims to extend the range and reduce the overall cost of ownership for their customers. This approach is particularly appealing to urban dwellers and students, who often rely on micromobility solutions for their daily commutes.
Investment and Partnerships
The Series B funding round led by Eclipse is a significant milestone for Also. This investment will allow the company to accelerate its research and development efforts, as well as expand its team and production capabilities. Additionally, the partnership with Eclipse brings a wealth of industry expertise and resources to the table, further strengthening Also’s position in the EV market.
Impact on Consumers
For consumers, the emergence of Also as a standalone entity in the EV industry could mean greater competition and innovation. With a focus on lightweight designs and affordability, Also may attract a new demographic of buyers who were previously priced out of the EV market. Moreover, the company’s commitment to accessibility could lead to more charging infrastructure being developed in urban areas, making EVs a more viable option for city dwellers.
Impact on the World
On a larger scale, Also’s entry into the EV market could contribute to a more sustainable and eco-friendly transportation landscape. By offering affordable and accessible EVs, the company could help reduce the number of gas-guzzling vehicles on the road. Furthermore, the increased competition in the EV space could lead to further advancements in battery technology and charging infrastructure, making EVs an even more attractive option for consumers around the world.
Conclusion
The spin-off of Also from Rivian Automotive and the subsequent $105 million Series B funding round mark an exciting new chapter for the micromobility startup. With a focus on lightweight EVs and affordability, Also is well-positioned to attract a new demographic of buyers and contribute to a more sustainable transportation future. As the company continues to grow and innovate, we can expect to see even more progress in the EV industry as a whole.
- Also spins off from Rivian Automotive with $105 million in Series B funding
- Company focuses on lightweight electric vehicles
- Investment to accelerate research and development, expand team, and production capabilities
- Potential for increased competition and innovation in the EV market
- Positive impact on consumers and the environment
