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.
- Five Things You Should Know About Rivian - dot.LA ›
- Rivian Shareholder Sues Over Electric Vehicle Pricing Saga - dot.LA ›
- Rivian Secures 1.5 Billion Georgia Factory - dot.LA ›
- Transparent Solar Panels Might Be the Future of Farming - dot.LA ›
- Statevolt Joins Lithium Race In Salton Sea - dot.LA ›
- How Haven Energy is Making Battery Installation Easier - dot.LA ›