The electric bus and van developer has added cash from funds managed by BlackRock to money raised from Hyundai, Kia and UPS in January.

Arrival, the UK-headquartered electric vehicle developer that counts carmaker Hyundai and delivery services provider UPS as investors, raised $118m from funds managed by investment management firm BlackRock yesterday.

Founded in 2015, Arrival is working on smart plug-in electric buses and vans in addition to a suite of digital products such as in-car systems that generate data and enable vehicles to calculate routes in real time.

Arrival has earmarked the capital for the expansion of its manufacturing facilities, having recently committed…

Robert Lavine

Robert Lavine is special features editor for Global Venturing.