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Electric vehicle company Rivian Automotive will invest 1% of its equity into a new environmental initiative, dubbed Forever, according to an internal memo sent by CEO RJ Scaringe.
Based on the high end of current valuations for Rivian’s planned public share offering, 1% could equal $800m.
“By putting 1% of Rivian’s equity into Forever, the natural world will become a shareholder in our success,” said Scaringe in the memo. “As our company’s value grows by transitioning our customers to sustainable transportation solutions, so will the value of our impact and philanthropic giving, creating a virtuous cycle of impact.”
Forever will focus on sustainable consumption initiatives and educational stewardship for natural resource management.
Forever to focus on climate initiatives
Scaringe envisions Forever as a “substantial and growing financial platform to focus on high-impact climate initiatives with an emphasis on preserving and restoring wildlands, waterways and oceans.”
“These natural landscapes and seascapes are powerful carbon sinks that pull carbon dioxide from the atmosphere, storing carbon in soil, grasses, trees, shrubs, coral reefs and ocean floor sediments,” he said.
Irvine, California-based EV manufacturer Rivian plans to trade on the Nasdaq under the ticker RIVN. While no timing for the IPO has been disclosed, it is expected sometime next month.
In its shelf filing, Rivian reported 48,390 advance orders for its R1T truck model and R1S SUV as of September. Amazon and Ford are among Rivian’s most high-profile stakeholders.
Goldman Sachs, JP Morgan and Morgan Stanley are acting as joint-lead managers for the offering.