REE AUTOMOTIVE OPENS FIRST NORTH AMERICAN HEADQUARTERS AND INTEGRATION CENTER IN PFLUGERVILLE, TEXAS, AS THE COMPANY READIES FOR PRODUCTION IN 2023
23 Mar 2022
Press Release, Alerts
PFLUGERVILLE, Texas (March 23, 2022) — The Pflugerville City Council approved an economic development performance agreement (EDPA) between the Pflugerville Community Development Corporation (PCDC) Board of Directors and REE Automotive (NASDAQ: REE), an electric vehicle technology leader, during the city council regular meeting on March 22. The eight-year agreement, previously approved by the PCDC board on March 16 provides up to $1M in grants based on REE investing $24.75M, expanding into a nearly 120,000-square-foot facility and employing at least 125 full-time jobs throughout the eight-year term. The $24.75 million investment includes the value of the lease agreement over eight years and capital expenditures.
“REE’s North American headquarters and Integration Center is an excellent fit for our diverse and talented workforce, expands autonomous and electric car technology in the Austin region, and provides growth opportunities for the State of Texas electric vehicle industry as a whole,” said Amy Madison, PCDC Executive Director. “REE’s research and development capabilities will further define the Austin region as an EV high-tech manufacturing hub.”
REE is establishing a long-term presence in Texas to capitalize on the growing market demand for EVs in North America. The company is establishing its North American headquarters and integration center to produce REEcornersTM and modular platforms. REE’s offices will be located in a nearly 120,000-square-foot facility located in the One Thirty Business Park at Pecan and SH130 in Pflugerville, Texas.
REE’s X-by-Wire control technology, REEcornerTM technology, and REEboardTM EV platforms allow for mission-specific commercial EVs across classes 1-6, for applications like passenger shuttles, delivery vehicles, buses, and recreational vehicles. REE aims to provide REEcornerTM and operationally efficient EV platforms in any size or shape to manufacturers, or partner with automotive leaders to complete full vehicles and provide a full ecosystem of services including after-market and data-as-a-service.
“This is an exciting step forward for our REEcornerTM and REEboardTM EV platform production as our U.S.-based operations grow. The Austin region is the perfect choice for bringing to life our REEcornerTM technology and platforms at scale, with a highly-skilled tech workforce, well-structured regulatory environment, and entrepreneurial spirit that matches our own,” said Mike
Charlton, REE chief operations officer. “As we work toward prototype delivery this year of our new P7 platform intended to power commercial vehicles such as walk-in delivery vans, we‘re eager to be close to our partners and customers as we target commercial production in 2023. We are excited to call Pflugerville – and Texas – home.”
As part of the eight-year EDPA, the PCDC will grant up to $1M provided that REE invest, or cause to be invested, $24.75MM in personal property, capital improvements, and present a certificate of occupancy while maintaining a lease agreement for the facility. The grant will also be contingent upon the creation of 125 full-time jobs throughout the eight-year term.
In addition to the jobs grant, PCDC will assist REE in obtaining skill development funds and other workforce grants to provide the community with training opportunities in electric vehicle components.
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