Electric Vehicle company Arrival Group, the global tech which has a major research and development facility in Banbury is to combine with CIIG Merger Corp, a U.S. publicly-traded special purpose acquisition company and list on the NASDAQ.
It will also appoint Peter Cuneo as Chief Executive Officer and Chairman of the Board of Directors of CIIG; Peter was the former President and Chief Executive Officer of Marvel Entertainment Inc.
Last October, Arrival announced it had raised $118 million from funds managed by BlackRock. The fundraising will be used to support the company’s growth plans as it ramps up vehicle production, including the launch of Arrival’s first U.S. Microfactory in South Carolina.
That investment followed an investment of €100 million (£75 million) from Hyundai Motor Company and Kia Motors Corporation.
Founded in 2015, Arrival is producing commercial electric vehicles using a new method of design and production. This new method takes Arrival’s strong intellectual property portfolio of in-house developed technologies and scalable platforms and combines them with its pioneering and rapidly scalable Microfactory assembly process. It believes this approach enables the creation of many different electric vehicle types including light commercial vans and large buses, that provide maximum functionality, an elevated experience, and significantly lower prices than other EVs.
Arrival Group’s initial global Board of Directors is expected to include:
Peter Cuneo, who will become the Non-Executive Chairman of Arrival Group’s Board, serves as the Chief Executive Officer and Chairman of the Board of Directors of CIIG; Peter was the former President and Chief Executive Officer of Marvel Entertainment Inc.
Avinash Rugoobur, current President and Chief Strategy Officer for Arrival; Avinash formerly served as Head of Strategy and mergers and acquisitions for General Motors Cruise and led advanced technology activities for General Motors in Silicon Valley
Jae Oh, current Vice President and Head of Corporate Development at Hyundai Motor Group; Jae leads a broad spectrum of strategic investment activities for Hyundai ranging from Series A to mergers and acquisitions
Kristen O’Hara, current Senior Vice President and Chief Business Officer of Hearst Magazines; Kristen formerly served as Chief Marketing Officer, Global Media for Time Warner Inc. (now Warner Media, LLC). Kristen currently serves as a Director of CIIG
Alain Kinsch, who until his retirement in 2020, served as Ernst & Young S.A.’s Luxembourg Country Managing Partner and EMEIA Private Equity Fund Leader for over a decade
Two additional nominees to be named later
Denis Sverdlov, founder and CEO of Arrival, said: “We are at a pivotal moment in Arrival’s journey, as we focus on execution. These board members will bring an extensive wealth of knowledge and invaluable varied business experience to Arrival Group, as we scale up production and expand our global reach over the coming years. The strength and diversity of the board members’ backgrounds reflects the scope of Arrival’s vision. Their guidance will be extremely valuable as the company accelerates the move to zero-emission transportation ecosystems for communities around the world.”
Peter Cuneo said: “From the outset, I have been impressed by Arrival’s entirely different approach to the design and production of transportation and their insistence that a better system and model exists for the EV market. Their diligence has enabled Arrival to be a powerfully effective organization, setting a high standard for commercial EVs and the path to production. In our effort to assemble a world-class Board of Directors, Arrival Group has found an international group of business leaders, passionate to help guide the company and allow senior management to leverage their extensive experience as they capitalize on the opportunity ahead and transform the mobility market.”