Electric vehicle manufacturer Rivian is taking things a bit further with the Rivian Forever fund. What does the company hope to do by establishing this fund? Protecting and restoring major waterways, wildlands, and oceans is the top priority. The electric truck manufacturer also recently partnered with The Nature Conservancy to further both groups’ impact.
What is the Rivian Forever fund?
What’s not to like about this partnership? Rivian wants electric vehicle drivers and everyone else to be able to explore the world responsibly. Since the company is strictly building EVs, this isn’t the wildest idea to throw out there. Rivian says that the company exists to make a difference in the world responsibly.
Similarly, the automaker notes that humanity has been destroying crucial “interlinked natural ecosystems critical for life on the planet.” It also says that our reliance on fossil fuels isn’t going to last much longer and is destroying ecosystems along the way. The electric truck manufacturer hopes to change the trajectory the world is on.
Rivian calls Forever a “philanthropic mission is dedicated to addressing our planet’s climate crisis and preserving the critical biodiversity needed for our planet’s long-term survival.” The company is putting 1% of equity into the fund. After that, the company plans to grow the fund to help preserve and restore waterways, oceans, and wildlands.
Rivian wants to keep the world adventurous forever
Rivian explained further that Forever hopes the natural world can become a shareholder in future successes. As the company grows, the more significant the impact the fund can have. By partnering with community members and partners to expand the impact, Rivian hopes to transition to a more sustainable future.
Earlier last month, Rivian partnered with the global conservation group The Nature Conservancy (TNC). The two groups are collaborating to preserve biodiversity and join the fight against climate change.
“Rivian vehicles have been developed to enable and inspire a connection with the natural world, and our partnership with The Nature Conservancy allows us to further help protect these wild places we care about.”Rivian
With this, Rivian will provide TNC with vehicles in California, Wyoming, Oklahoma, and Florida. With the Rivian electric trucks, the team members can travel to sensitive ecological areas with challenging off-road conditions.
What’s next for the Forever fund?
A critical part of the announcement from Founder and CEO RJ Scaringe is about the actual funding of this program. The company won’t be using profits from the sales of the vehicles to fund Forever. It is working on going public and recently announced it lost $2 billion since the start of 2021. In fact, Scaringe noted that he does not expect the company to be profitable in the near future.
However, since Scaringe is investing equity into Forever, it works differently. Rivian is hoping to get a valuation of somewhere between $50 million and $80 million. Forever can be a shareholder of whatever success is down the road. There is a lot of work ahead of the electric truck startup, but the Forever fund sounds like an excellent way to make a difference.