A prototype of Lordstown Motors Corp. s electric truck, the Endurance, caught fire in mid-January while on its first road test in Farmington Hills, Mich., a nor
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FirstEnergy To Support Electricity Demand For Ultium Cells Plant In Lordstown
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FirstEnergy Power Upgrades Will Support New EV Battery Plant in Lordstown and Boost Local Economic Growth
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AKRON, Ohio, Feb. 5, 2021 /PRNewswire/ Construction is underway on a new FirstEnergy Corp. (NYSE: FE) transmission substation in Trumbull County, Ohio, to support the energy demands of the area s rapidly expanding electric vehicle (EV) industry. The work is also expected to help reduce the frequency and duration of power outages experienced by Ohio Edison customers in the area.
The new transmission infrastructure, which includes construction of a short, high-voltage line along with the substation, will provide electric service to Ultium Cells LLC – an EV battery-cell manufacturing plant jointly backed by General Motors and South Korea s LG Chem. The company s 3 million-square-foot facility is expected to bring approximately 1,000 jobs to the area. In addition to supporting Ultium Cells, the new substation and line wi
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PROTOTYPES NEAR â Lordstown Motors Corp. said it already has begun metal stamping and welding for the Endurance all-electric pickup truck prototypes, which will be used for testing. Full production of the Endurance pickups is slated to begin in September. Associated Press
LORDSTOWN Lordstown Motors Corp. is targeting March to complete prototypes of its Endurance pickup and remains on track to launch full production of the battery-powered truck in September, the company announced.
The upstart electric vehicle maker also announced Thursday it is developing an electric van with plans to reveal it in June. Production is targeted for late 2022.
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A new electric vehicle company is hitting the public markets as an SPAC deal brings REE Automotive public.
The SPAC Deal: REE Automotive, a leader in eMobility, announced a SPAC deal with
10X Capital
Long-term investors in REE Automotive include Koch Strategic Platforms, Mahindra & Mahindra, Mitsubishi,
American Axle & Manufacturing (NYSE: AXL) and
Magna International (NYSE: MGA).
The deal will give $500 million in gross proceeds to REE Automotive. The deal values REE Automotive at $3.1 billion.
Shareholders of 10X Capital Venture Acquisition Corp will own 5.6% of the company if the merger is approved.
About REE Automotive: REE Automotive offers a fully flat and modular platform for electric vehicles based on its proprietary REEcorner technology.