Rivian spins out e-bike venture Also with $105m backing
Electric truck maker Rivian has spun out a venture called Also that is developing micromobility systems such as e-bikes.
The spin out, called Also, has developed a full technology stack to underpin a range of small electric vehicle platforms for consumers and businesses worldwide. It is backed with $105m from Eclipse Ventures, which also backs low power programmable edge AI processor designer Efficient and micromobility positioning startup Swift Navigation.
The battery, motor and compute technology for e-bikes was developed by a stealth team within Rivian to reduce the overall cost of the portfolio of electrified products across micromobility space for both consumer and commercial transport. The first product is set to ship in 2026 in the US and Europe.
Rivian has been successful in licencing its car technology to Volkswagen for a $5.8bn joint venture. It has also been successful in raising significant funds, over $5.6bn, for its R1T and R1S electric pickup trucks, and has a deal with investor Amazon for electric delivery vans.
“We believe in a future where there are a broad range of transportation vehicle types available to customers,” said RJ Scaringe, CEO and founder of Rivian. “Just as Rivian continues to focus on building products that are inviting, capable and fun, I am super excited to see Also launch as a platform for a new category of all-electric vehicles. Small electric vehicles will play a key role in efficient, clean and convenient mobility, opening new opportunities for people to get around quickly and with minimal impact.”
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