Rivian Banking on Solar Energy To Power Its EV Chargers

Rivian Banking on Solar Energy To Power Its EV Chargers

Electric truck and SUV manufacturer Rivian has entered an agreement with solar energy company Clearloop to finance a Tennessee solar facility that will help power its EV chargers in the region. Axios first reported the news Thursday.

The Irvine-based automaker provided upfront financing for one megawatt of renewable electricity at the Paris Solar Farm in Puryear, Tenn., about 100 miles west of Nashville. The solar farm broke ground on Tuesday; once completed, it will produce 6.75 megawatts of energy annually.


Rivian’s one megawatt investment will power its Rivian Waypoint chargers located in Tennessee state parks, among "other clean energy commitments in the region," it said in a press release. Power production startup Silicon Ranch, which acquired Clearloop last year, will build the solar farm. Tennessee utility Paris BPU, a partner in the Puryear solar farm, will oversee operations.

The partnership comes as Rivian has struggled to meet production targets, while CEO RJ Scaringe recently predicted a major electric vehicle battery shortage in the coming years. Rivian is also facing pushback on recent expansion plans after its $5 billion factory in Georgia was approved despite backlash from local communities. In recent months, the company has faced shareholder lawsuits over price increases to its vehicles and seen its stock tumble in the wake of its initial public offering last November.

Rivian joins a growing number of Southern California-based startups investing in solar power. Long Beach-based rocket maker Rocket Lab acquired New Mexico-based solar panel company SolAero last year, while Santa Monica-based B2U Storage Solutions plans to transform depleted electric vehicle batteries into solar power storage. In January, San Diego-based electric vehicle charging startup ChargeNet raised funds to bring solar-powered EV charging stations to fast-food parking lots.

Yet curbing enthusiasm about the alternative energy source is the Biden administration’s investigation into whether China circumvented tariffs on solar equipment imports to the U.S.—a probe that could hinder the domestic solar industry's ability to build projects.

Subscribe to our newsletter to catch every headline.

Cadence
Electreon
Image courtesy of Electreon
A new entrant in Los Angeles’ crowded electric vehicle space wants to charge the EVs of tomorrow—without a plug.

Tel Aviv-based Electreon specializes in wireless induction charging, similar to the technology that allows you to charge your cell phone on a wireless mat or dock without plugging it in. By embedding a system of coiled wires into the pavement, Electreon plans to turn the road itself into a charging station for vehicles—one that can be used even while cars are moving.

Read more Show less
David Shultz

David Shultz is a freelance writer who lives in Santa Barbara, California. His writing has appeared in The Atlantic, Outside and Nautilus, among other publications.

Superjoi
Image courtesy of Superjoi

Fintech startup Superjoi, which lets fans fund creators’ content projects, has raised $2.5 million in pre-seed funding.

Superjoi raised the funding from fintech-focused investors including Ascension Ventures, QED Investors, Systema VC, Tomahawk and Modern Venture Partners. The round also included participation from senior leadership at e-commerce platform Shopify, fintech firm Revolut and Los Angeles-based live-in accelerator Launch House.

Read more Show less
Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

RELATEDTRENDING
LA TECH JOBS
interchangeLA