Benzinga | Aug 19, 2021 03:00PM EDT

REE Automotive Receives $17M Funding From UK Government

* REE Automotive Ltd's (NASDAQ:REE) REEcorner technology was awarded $17 million in funding from the UK government. This funding is part of a $57 million investment coordinated through the Advanced Propulsion Centre (APC).

* The funding will allow REE to advance the commercial production of its REEcorner technology and ultra-modular EV platforms.

* The project aims to accelerate industry shift towards net zero emissions with REE's technology designed to support an extensive range of electric vehicles.

* Price Action: REE shares are trading lower by 8.13% at $9.15 on the last check Thursday.