Electric vehicle startup River EV raises $40 million in Series B funding round led by Yamaha Motor Co. Existing investors Electrified Capital and Sidewalk Infrastructure Partners also participated in the round.
The new funding will help accelerate the development and production of River’s light electric vehicles. The company plans to use the funds to expand its engineering team and manufacturing capabilities.
Founded in 2019, River designs and manufactures light electric vehicles including cars, trucks, vans, and autonomous shuttles. The company is targeting the urban mobility market with its lineup of affordable, sustainable EVs.
River CEO Marco Mattiacci commented: “We are thrilled to have Yamaha Motor Co. lead our Series B. Yamaha Motor’s decades of experience in power sports and light motor vehicles will help us deliver best-in-class electric vehicles to our customers.”
“The future of mobility is electric, shared, and connected. Our vehicles are designed specifically for ridesharing, last-mile delivery, and autonomous applications in urban environments.”
River plans to unveil its first electric car model later this year. The four-seater car will have a range of up to 150 miles on a single charge and retail starting at under $25,000. Volume production is slated to begin in 2025 at the company’s recently announced manufacturing facility in Texas.
In addition to passenger vehicles, River is developing electric trucks, vans, and autonomous shuttles tailored for commercial applications like package delivery, corporate campuses, and smart cities. The company already has pilot projects underway with major fleet operators and governments.
The $40 million Series B brings River’s total funding to over $70 million so far.
Yoshihiro Hidaka, President and CEO of Yamaha Motor Co. said: “We are excited to partner with River and contribute to the realization of safe and sustainable mobility. River’s vehicles align perfectly with Yamaha Motor’s mission to create Kando – an excitement that moves people’s hearts – through personal mobility solutions.”
River co-founder and CEO Marco Mattiacci said: “We welcome Yamaha Motor as a strategic partner as we drive toward our goal of making electric vehicles the standard for urban mobility. With our shared focus on quality, innovation, and sustainability, we see wide-ranging synergies between our two companies.”
Mattiacci pointed out the numerous applications for River’s modular, versatile EV platforms: “Our vehicles are designed for multiple use cases. We provide our customers – fleet operators, ridesharing companies, delivery firms – with zero-emission vehicles purpose-built for their needs that also meet the highest safety and quality standards.”
River’s investors also welcomed Yamaha Motor’s entry into the company. Electrified Capital Founder and Managing Partner Ben Schaan said: “Yamaha Motor is synonymous with leadership in Powersports and innovative personal mobility products. We’re thrilled to have their expertise on board as River propels the electric mobility revolution forward.”
Sidewalk Infrastructure Partners Senior Partner Jonathan Winer said: “With Yamaha as a new partner, River gains invaluable capabilities in manufacturing excellence and delivering affordable, sustainable electric mobility solutions to market. This partnership demonstrates the enormous momentum behind River as it aims to electrify a broad range of light mobility applications.”
River plans to manufacture its EVs in the U.S. and target domestic and international markets. According to Mattiacci, the company is engaged with policymakers to drive the adoption of electric vehicles.
“Governments around the world have set ambitious goals to phase out internal combustion engine vehicles and reduce carbon emissions from transportation,” said Mattiacci. “River looks forward to working closely with cities and policymakers to help accelerate the transition to shared, electric mobility through our purpose-built vehicle platforms and technology.”