Rivian, an electric vehicle startup backed by Amazon, Ford, and other deep-pocketed investors, confidentially filed to become a publicly traded company Aug. 27.
The news could be key for Fort Worth as a potential $5 billion investment by Rivian could bring at least 7,500 jobs for a factory looking to produce 200,000 vehicles annually to the former Walsh Ranch site in West Fort Worth. The Fort Worth City Council approved an economic development package with Rivian that would include up to $440 million in grants and county tax abatements. The city also proposes to nominate Rivian’s plans for the Texas Enterprise Zone Project, making it eligible for state tax incentives. There could be other incentives as well from Tarrant and Parker counties, as the site straddles both jurisdictions.
It’s a huge investment that, if it happens, would be one of the largest projects in state history.
The initial public offering is expected to take place after the Securities and Exchange Commission completes its review process, Rivian said. The proposed offering’s size and price range must still be determined.
However, Rivian last year raised $2.5 billion from accounts advised by investment firm T. Rowe Price and it has become a standout amid fledgling EV start-ups.
The company has a contract with Amazon to build 100,000 electric delivery vans starting this year at its factory, a former Mitsubishi plant in Normal, Illinois. Rivian also is rolling out a pickup truck and an SUV.
The potential West Fort Worth project would be five times the capital investment and create 2.5 times more jobs than the Toyota headquarters project in Plano and roughly equivalent to the Tesla investment planned for the Austin area.
The Associated Press contributed to this report.