EV SPACs hunt for cash, the SVB fallout continues and a new AV startup emerges

News Summary

  • The company ended the year with $11.6 billion in cash and cash equivalents, which gives Rivian a runway of about two years at its current cash burn rate.There is one other way to preserve cash.
  • This hunt for cash is ramping up, particularly for the EV SPACs, which have high costs and in many cases no revenue yet.Arrival, which went public in 2021 via a merger with a special purpose acquisition company, posted preliminary fourth-quarter and full-year earnings reports this past week.
  • And company execs indicated plans to raise another $50 million.CEO Xuefeng Chen said during the company’s earnings call that he was confident the funds would be received.
  • Let’s see how many take the offer.A few other deals that got my attention …ClearFlame Engine Technologies, a company that has developed a way for diesel engines to run renewable fuel, raised $30 million in Series B round led by Mercuria Energy Group.
  • Bird reported revenue of $69.7 million for the fourth quarter of 2022, a big improvement from the $49.5 million reported in the same quarter of 2021.
  • The company’s net loss widened to $102.3 million from $81.2 million a year earlier.
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